The cryptocurrency ALPACA, with a market cap of 3000 million dollars, set to be delisted from Binance, has experienced significant volatility and trading volume in the days leading up to its removal. The token's price surged nearly 12 times from $0.029 to a peak of $0.3477 following the delisting announcement on April 24, despite the typical expectation of price drops upon delisting news. The total trading volume reached hundreds of billions of dollars. The intense trading activity around ALPACA led to over $238 million in liquidations within the last 24 hours, with a single trade on Bybit resulting in a $3.98 million liquidation. The token's open interest significantly exceeded its market cap, fueling a fierce battle between bulls and bears. On April 25, Binance adjusted the funding rate settlement for ALPACA contracts, shortening it to hourly settlements with a maximum rate of ±2%. On April 29, the cap was increased to ±4%. These changes intensified the trading dynamics, with short positions facing high costs, yet still attracting significant capital, including millions of dollars from traders with large positions. The volatility of ALPACA has been described as a 'meme' phenomenon, driven by attention from the delisting news and characterized by dramatic price swings. The situation has been likened to a 'hunt' for retail investor funds, with professional traders and market makers potentially manipulating the market.