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Why Alpaca Finance (ALPACA) Price is Up Today?
In a shocking turn of events, Alpaca Finance’s ALPACA token has seen a meteoric rise in its value, increasing by an astonishing 422% in less than eight hours. This unprecedented surge has left many investors stunned and curious about the sudden price hike.
The catalyst behind this rapid increase is largely attributed to speculation and short-term trading activity, as well as the delisting of ALPACA from Binance, set to take effect on May 2. With its market capitalization now hovering around $126 million, many traders have flocked to the token in an attempt to capitalize on the sudden upside.
ALPACA’s price initially plummeted by a staggering 90% after the delisting news broke, with some investors believing that the project was doomed. However, this sharp drop served as a buying opportunity for those who saw potential in the token. The subsequent rebound and upward momentum have been fueled by these traders rushing to cover their short positions.
As Bitcoin hovers around $95K, many traders are seeking alternative investment opportunities in low-cap assets like ALPACA. With Binance’s funding rate limit adjustment on April 27-29, it appears that the token was poised for this surge.
Source: https://coinpedia.org/news/why-alpaca-finance-alpaca-price-is-up-today/
