Binance De-Listing ALPACA Crypto – What Are The Accusations?

"ALPACA crypto has been making headlines recently with its incredible price gains. In the past 14 days alone, the token has spiked +1700%, and over the past seven days, it's up a massive +700%.

This drama began with Binance de-listing the DeFi token, which many investors have accused the exchange of using to manipulate the price.

On April 24, Binance announced that it would be de-listing ALPACA, which quickly caused the token to surge. It went from a $6.5m market cap to $25m in less than 24-hours.

Binance De-Listing ALPACA Crypto – What Are the Accusations?

The drama surrounding ALPACA crypto and its wild price swings can be largely attributed to Binance. The world’s largest crypto exchange took to X on April 24 to announce its delisting of the meme coin, effective May 2.

Interestingly, ALPACA was just a small-cap DeFi project on the BNB Chain, a blockchain heavily involved with Binance.

Prior to the pump’s de-listing, ALPACA barely had any holders, with Binance reportedly holding most of the supply.

The token mostly traded sideways from April 25 to April 29 after its +600% move. However, at around midday on April 29, ALPACA suddenly crashed from $40m market cap to $13.7m, a drop of more than 70%.

Like many online, the ALPACA move was a quick pump and dump before its de-listing on May 2; it went parabolic, shooting up over 1000% between April 29 and April 30.

At the peak of its move on April 30, ALPACA crypto hit $150m in market cap. However, it has since dropped again, falling over 50% to 72m before incredibly spiking again above $100m. It has been dropping again since then and is currently trading for $0.55 with an $83m market cap.

Hundreds of on-chain sleuths across X claim that Binance orchestrated this entire move. Pumping the price to liquidate the shorts and then crashing the price to liquidate users who longed for the top are the main accusations levied at the crypto exchange.

Is ALPACA Still A Solid Buy: What Will Happen Once It De-Lists From Binance Tomorrow?

Even with Binance being accused of manipulating the ALPACA crypto price movements, a new movement for the small-fry DeFi token has sparked. Before this, it was a seemingly dead token on the BNB Chain with a product that nobody was using.

DefiLlama shows that Alpaca Finance still has $50m Total-value locked (TVL), down from over $800m in 2022. However, this renewed sentiment around ALPACA crypto due to the Binance de-listing has caused a spike in new holders, with Gecko Terminal showing more than 75,000 holders.

Due to its meme coin-like branding of a cartoon Alpaca, there is a strong chance that the token could pivot to becoming a community-led project. This could result in continued bullish price action for the token once it is removed from Binance tomorrow.

Outside of Binance, there has been a massive influx of trading volume for ALPACA crypto, with Gate.io processing over $153m in the past 24 hours. Bitget exchange also had a significant uptick in ALPACA trading at $24m in the same time frame.

With ALPACA crypto catching giant bids on other centralized exchanges and on-chain, many call for it to continue pumping. On the flip side, there is a crowd believing that once Binance has finished manipulating the ALPACA price, it will free-fall, right back to its pre-pump levels.

Once the token is delisted from Binance tomorrow, the direction of ALPACA crypto should be clear for all to see. As of right now, it looks like it could go either way.

(GECKO TERMINAL)

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