Netflix’s South Korean series Squid Game became a series watched worldwide. The popularity of the knee has prompted scammers, and cryptos related to Squid Game have begun to be issued. Those who buy fake cryptos are now losing their money.

Everyone thought so! What else would explain the maniac rise of the SQUID token, a “play-to-earn” crypto, which, in keeping with the show’s game theme, requires individuals to buy tokens to compete in online games, and earning further tokens subject to their win, from a meager Rs 1,000 to almost Rs 3.45 lakhs, all in less than 100 hours? The crypto zoomed over 2,400 percent in just 24 hours, taking its market capitalisation to 174 million dollars, sky-high for a nascent cryptocurrency like it was. In fact, the coin, which started its pre-sale on October 20, was sold out in a single second!

In what can only be described as a textbook case of rug-pull, where developers abandon the project and siphon away all investor funds, the SQUID token nosedived by more than 99 percent, wiping off the entirety of its gains, peaking at as much as 2,861 dollars to crash-diving below 1 dollar in just a few seconds. 

This happened shortly after Twitter flagged the official account as suspicious, with just over 7 lakh subscribers as suspicious. Per Coinmarketcap, at the time of writing, the token still has an unverified, self-reported market cap of 1,802,875 dollars, down by almost 99.99 percent. Notably, the whitepaper and the official website of the token have vanished entirely. 

source: moneycontrol.com

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.