In case you missed it, on Monday of this week the latest hype coin – Squid Game token – had skyrocketed to more than $2,856 per unit after its debut less than week prior at a paltry $0.01 per token. That means in less than seven days, each token saw a “paper” gain of more than $219,000%
Developers behind the Squid Game token tried to capitalize on popularity and name recognition of the Netflix streaming series that became a global sensation. It’s worth noting that the token was not legally affiliated or connected in any way to Netflix, nor the extremely popular Squid Game series produced in South Korea. The series was about 456 cash-strapped volunteers who played deadly versions of children’s games to gain a winner-take-all cash prize. Regardless, the namesake token rode a weeklong wave of daily triple- and- quad digit gains.
Then over this past weekend social media reports from investors were surfacing that Squid token holders were unable to cash out of their wallets.The Squid token Twitter account was delisted. And CoinMarketCap posted this “red box” warning at the top of the Squid Game token trading page:
“We have received multiple reports that the website and socials are no longer functional & the users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP [intellectual property].”
Early Monday morning, the developers announced they were leaving the project and the price dropped 99.99% in less than five minutes seen on this seven-day view of the chart.
While not confirmed, this multi-million dollar collapse appears to be a rug pull by the founders. The only thing more shocking than the facts we know thus far, is the fact that Squid Game token is pumping again. While the 24-hour chart view shows that its price is trading below $0.02 per token, the project saw a more than 350% spike during the past day.
The reasons for this trading volume and price action are inexplicable, especially in light of the circumstances. It’s possible that some “rekt” investors are trying to hold on in the hopes of salvaging something from this digital disaster. While not financial advice, this Squid Game is a game that no one should want to play.
On The Flipside
- Anyone who is considering Squid token as an investment option should just through their money in the garbage now and skip the middleman.
Why You Should Care?
For a disgraced project such as this to be pumping, just reinforces negative stereotypes that crypto investors are little more than greedy, degen gamblers.