Key takeaways:
- The squid game token crashes as its website and social profiles have vanished after the price increased by more than 310,000% and then dropped.
- Squid lost all of its value after Twitter flagged and briefly restricted the cryptocurrency’s account due to “suspicious activity.”
- The token’s value had risen to $2,856 just before its collapse.
Squid Game, Netflix’s latest Korean-language series, is a worldwide success. Squid Game has surpassed Bridgerton as the most-watched original on the streaming site. In Squid Game, 456 people are contacted by a mystery salesperson who offers them the chance to join a game with a winning reward of 45.6 billion South Korean Won. As the show’s popularity grew, the crypto market’s desired a piece of the action. So a new cryptocurrency token on the blockchain dubbed ‘Squid Token’ was established with a price of just $0.01 — and offered access to an online play-to-earn game in exchange for the token.
The price of a cryptocurrency based on the popular Netflix programme Squid Game has dropped to zero in what appears to be a fraud.
It surpassed $3,795 ($US2,856) on Monday evening (AEDT), after rising 310,000% in a couple of hours.
CoinMarketCap stated that Squid lost all of its value in five minutes (at 8:40 pm AEDT).
This came after Twitter suspended the cryptocurrency token’s account for “unusual activity.” The website for the Squid cryptocurrency and its white paper (which defines its objective) have both vanished from the Internet.
On CoinMarketCap’s website, there was also a warning:
“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 due diligence and exercise extreme caution.
While clearly inspired by the Netflix show of the same name, this project is not affiliated with the official IP.”
When its owners are unable to sell a rising-value token, it is of limited utility.
Unfortunately, many of the articles released about SQUID neglected to make it evident that this cryptocurrency is not formally linked with Netflix, giving it a respectable shine that may have misled investors into a false feeling of security.
Headlines about its increasing value will have led to a fear of missing out, prompting crypto investors to purchase the coin in the expectation of making enormous returns.
Prices were $38 as of 6 am. On Monday, November 1st, London time rose to $90 by 7 am, $181 by 8 am, and $523 by 9 am.
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