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%

Squid Game was developed by the developers in an attempt to capitalise on the popularity of Netflix’s streaming series. 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. The namesake token enjoyed a week of triple- and quad-digit daily gains.

Now, over the weekend, investors reported that Squid token holders couldn’t cash out from their wallets. CoinMarketCap posted this “red box” warning at the top of Squid Game token trading page: 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. You should do your research and be extremely cautious. Although this project was inspired by Netflix’s “The Last Ship”, it is independent of its official IP. [intellectual property].”
The developers made an announcement Monday morning that they would be leaving the project. In less than five minutes, the price fell 99.99% on the seven-day chart.

Although not verified, it appears that this multi-million dollar crash was caused by founders pulling the rug. Surprisingly, the Squid Game token continues to pump. AgainIt is. Although its price trades below $0.02 per token in 24-hour charts, there was a 350% increase in project activity over the previous day.

In light of these circumstances, the reasons for trading volume and price movement are not explicable. It’s possible that some “rekt” investors are trying to hold on in the hopes of salvaging something from this digital disaster. This Squid Game, while not financial advice is something that everyone should avoid.

Flipside

• Squid token should be considered as an investment opportunity.

Why you should care

It is a shame that a project like this one has been pumping. This reinforces the stereotype that crypto-investors are greedy and degengamers.

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