The crypto soared over 2,400 percent in just 24 hours, bringing its market capitalisation to 174 million dollars. The reason why you don’t trust individuals is that they are trustworthy. The only reason you do it is because you have nothing else to fall back on.
Squid Game, the horrifically dystopian South Korean survival drama series. That went on to become one of Netflix’s all-time mega-hits. It was the subject of a lot of excitement, fanfare, and anticipation when it first premiered. After all, it would be entertaining to see a few hundred cash-strapped. Debt-ridden persons compete in a few simple. Nostalgic childhood games with many deadly(literally!) twists in order to earn a few billion dollars. And also in order to emancipate themselves.
Everyone agreed that this was the case! What else could account for the maniacal rise of the SQUID token. A “play-to-earn” cryptocurrency that, in keeping with the show’s game theme. The crypto soared as it requires individuals to purchase tokens in order to compete in online games. Earning additional tokens based on their win, from a meager Rs 1,000 to nearly Rs 3.45 lakhs in less than 100 hours? In just 24 hours, the cryptocurrency soared by more than 2,400 percent. Boosting its market capitalization to 174 million dollars, an all-time high for a young cryptocurrency of its kind. In fact, the currency, which went on sale on October 20 after a pre-sale. It was completely sold out in a single second!
Sounds too good to be true, doesn’t it? It’s possible that it was. Only this time, all investors who survived and remained involved until the very end met. With a gruesome financial end result.
SQUID rug pulls a fast one on the audience
Squid rug pulls a fast one on the audience. A textbook incidence of rug-pull, in which creators abandon a project and drain away. As all investor cash, saw the SQUID token plummet by more than 99 percent. And wiping out all of its gains. The token had risen as high as 2,861 dollars before plummeting. To less than one dollar in a matter of seconds.
This occurred shortly after Twitter flagged the official account as suspicious, with just over 7 lakh subscribers. As a result of the suspicious flagging. According to Coinmarketcap, the coin still has an unverified, self-reported market cap of 1,802,875 dollars. At the time of writing, representing a decrease of about 99.99 percent. Notably, both the whitepaper and the official website for the cryptocurrency have been completely removed from the internet.
The token’s whitepaper had already detailed “anti-dumping” technology. In which it prevents individuals from selling their coins if certain conditions are not met. However, it appears that many in the crypto community had already sniffed a sham and were skeptical of it. Pointing out many errors from the beginning, such as the white-paper being riddled. With typographical errors and the various background claims of the founders being found to be misleading and deceptive. CoinGecko co-founder Bobby Ong had previously stated that the token is “most likely a fraud.”
An earlier alert from the Coinmarketcap website indicated that it has received numerous instances. Of token holders being unable to sell their SQUID tokens on Pancake Swap. The crypto soared and only well-known decentralised exchange that had listed them at the time.