ALPACA Token's Wild Ride: From 650% Surge to 50% Crash in Hours

Hang onto your hats, crypto fans! The ALPACA token just pulled off a rollercoaster move that's got everyone talking. It skyrocketed a mind-blowing 650% thanks to some serious short covering and a shock move to freeze new token issuance. But hold up, the thrill didn't last long. Just hours later, ALPACA crashed 50%, diving to $0.50 and wiping out nearly all those juicy gains. Talk about a wild ride!

The token hit rock bottom at $0.50 on Wednesday, leaving investors gasping at the sheer volatility sparked by Binance's delisting drama. But wait, there's more! ALPACA bounced back faster than a rubber ball, shooting up to $0.70 in a flash. You can't make this stuff up!

So, what kicked off this crazy 650% rally? Some say it was a classic short squeeze, while others point to Alpaca Finance slamming the brakes on new tokens. And get this, the team even nixed a planned token mint for a market maker after Binance announced they were showing ALPACA the door.

"[...] please note, our Market Maker had requested more ALPACA from warchest to support today's high volume, but after feedback from the community, we decided not to mint it."

Alpaca Finance

But here's the million-dollar question: what the heck caused this insane sixfold jump and the brutal nosedive that followed? With the dark cloud of an upcoming delisting hanging over ALPACA, it's anyone's guess.

For those not in the know, Alpaca Finance is a DeFi hotshot on the BNB Chain, juggling tens of millions across its V1 and V2 networks. They're dishing out borrowing and reward-earning goodies, kind of like Ethereum's Aave. But on April 24, Binance threw a curveball, announcing they were booting ALPACA and three other tokens from their spot trading pairs. They cited the usual suspects: project commitment, development activity, trading volume, and compliance. Ouch!