Is It Too Late to Jump on the Alpaca Rocket (ALPACA)? Over 32,000,000M Tokens Burned, but There’s a Catch
Alpaca Coin ($ALPACA) has been a hot story on the market today. This low-cap coin has seen astonishing growth in recent days, attracting the attention of many in the crypto community. However, some believe this rapid rise may not be sustainable, and caution is advised.
The coin is currently trading at $0.1697, with almost 7% increase in the last 24 hours.
Alpaca Coin has been on a deflationary streak for an impressive 66 consecutive weeks. The Alpaca team has executed a successful weekly buyback and burn process, permanently removing 50,888 $ALPACA tokens from circulation according to trader TomzZ. This amounts to approximately USD 7.4k. The cumulative burn has reached an impressive total of over 32.0 million tokens, accounting for approximately 17.04% of the total supply. This deflationary action is a positive sign for the coin’s future value, as reducing the supply of a coin can lead to an increase in price if demand remains constant or increases.
However, some members of the community have expressed concern about the recent price surge. They argue that the rapid growth is unsustainable and could be a trap to lure investors into buying. They advise against purchasing the coin at its current price, suggesting it may retrace back to lower support areas.
The $ALPACA/USDT chart has shown a falling wedge pattern, a bullish indicator suggesting potential upward price movement. The coin pumped hard after reclaiming the demand zone but was rejected from the descending trendline resistance and is now testing the demand zone again. A successful retest above the demand zone would confirm the bullish move, while a breakout retest of the descending trendline would provide even stronger bullish confirmation.
Despite the recent surge, some investors are waiting for a potential dip before buying more. They suggest that if the price dips to the 480-560 range, it could be a good opportunity to buy more $ALPACA. Analysts also state that it is 30% up from buying zone.
Alpaca Finance, operating on the Binance Smart Chain, has positioned itself as one of the largest lending protocols enabling leveraged yield farming. This unique feature allows users to borrow assets, amplifying their farming potential and subsequently their potential profits. However, it’s essential to note that higher rewards come with higher risks, such as liquidation and impermanent loss, adding an element of excitement and challenge to the DeFi experience.
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Show more +In terms of its recent price performance, Alpaca Finance has seen some fluctuations. Over the last 24 hours, the price of Alpaca Finance ($ALPACA) has declined, with a 3.18% price decrease. However, looking at the past seven days, the coin has experienced a 14.75% price increase. The current price of Alpaca Finance is approximately $0.166993. The 24-hour trading volume stands at $11,107,164.27, indicating a significant amount of trading activity.
