This may be the greatest example of life imitating art that has ever been seen in crypto history. Squid Game launched on Tuesday October 26th, to capitalize upon the fame of Netflix’s most beloved video streaming series. It’s important to note that the token was not legally affiliated or connected in any way to Netflix, nor the wildly popular Squid Game series produced in South Korea.

The premise of that show was that 456 people in life-crushing debt and financial despair were initially recruited and then voluntarily agreed to participate in six children’s games over a series of days for a large cash reward. The trick is that they were all drugged and transported to an unknown island, from which they couldn’t escape. Once they awoke and acclimated to their dystopian setting, they learned the basic rules and understood that losers of each round would be “eliminated.” They didn’t realize until after the first game of “red light, green light” – when half the players were gunned down on the playing field – that when the organizers said “eliminated,” they meant murdered in cold blood.

And so the series went – and so went the millions of invested funds in the Squid Game token, which were “eliminated” in less than a week. It has experienced a dramatic rise in popularity, reaching 219,000% since it was launched. But, on Monday it saw an incredible drop to below $0.005 within five minutes. Here’s the chart from CoinMarketCap.

CoinMarketCap issued this warning over the weekend on its Squid Game 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. Do your due diligence. Please exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP.”
It’s not clear if this was an orchestrated rug-pull or something else. It is crystal clear that thousands of investors lost millions of dollars that they’re unlikely to ever see again. There was one winner in the Squid Game Netflix show, with everyone else being eliminated. Ironically, this is the same outcome as in the Squid Game token representation of art imitating real life.

To The Flipside

• Typically when there’s a parabolic price spike within hours, without a commensurate fundamental reason or rationale, you can usually expect a similar type of drop.

What are the reasons to care?

The signs are that the rug-pullers have taken advantage of the hype to pull the plug. It is an example of greed leading to quick riches.

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