Alpaca Finance’s ALPACA price is up 422% in less than eight hours today, jumping from $0.181 to $0.950. To everybody’s surprise, this altcoin suddenly dropped 92% on Tuesday, leading to speculation that another crypto ‘cabal’ or holders were offloading their tokens simultaneously.
Why is ALPACA Price Up 422%?
Alpaca Finance’s website claims it is the “largest lending protocol allowing leveraged yield farming on BNB Chain and Fantom.” However, the token dropped more than 92% in a single four-hour candlestick on April 29. In an interesting turn of events, the ALPACA price is up 422% in just seven hours, climbing from $0.181 to $0.950. This sudden rally has caught investors off guard.
Due to the sudden collapse, many compared Alpaca’s altcoin condition to that of OM, another cryptocurrency that suddenly dropped more than 90% a few weeks ago. Even before this announcement, Binance announced plans to delist ALPACA.
Many crypto KOLs and investors speculate that the 422% rally is mainly due to the Binance delisting, which will take place on May 2.
Alpaca’s 90% Crash and 422% Rally Timeline
Here’s the exact timeline of events surrounding Alpaca Finance’s ALPACA token’s 90% crash and 422% rally.
April 24 – Binance Announces Delisting Plans.
- Binance announces on April 30 plans to delist 4 tokens, including Alpaca.
- This caused a short-term, volatile movement that crashed ALPACA price by 52% on the same day.
- The same day, this altcoin soared 171% and set a high of $0.105.
April 25 – Accelerated Settlement Induces Long-Short Competition
- Due to the delisting announcement, competition between bulls and bears erupted, pushing the ALPACA token to clock in 245% gain on April 25.
April 26 – ALPACA Price Doubles Anticipating Delisting
- The April 25th rally continues, pushing Alpaca Finance’s token to double in value from $0.155 to $0.347.
April 27 – 29 – Sustained Downtrend
- For the next three days, the ALPACA token continued its downtrend despite attempts from buyers to sustain the uptrend.
- On April 29, Binance announced adjustment to funding rate due to the massive rally and crashes. i.e., Binance raised the funding rate cap to ±4%.
April 30 – Today
- Today ALPACA price shot up 422% from a low of $0.181 to $0.950.
The post Why is ALPACA Price Up 422% in Less Than 8 Hours? appeared first on CoinGape.
