A cryptocurrency token named Squid Game Token (SGT) was launched on October 20 . Within seconds, the digital token was sold out. Moreover, in just a week of its arrival, the value of the token reached record-breaking heights.
Read moreWhy do squid coins fall?
Squid, the latest “meme coin” sensation in cryptocurrencies inspired by the Netflix hit series “Squid Game”, lost all its value on Tuesday in what major news publications called an “apparent scam”.
Read moreWhat happens to Squid Game coin?
How and why did SQUID game crash? Creators of the viral Squid Game cryptocurrency, who remain anonymous sold their coins causing its price and value to plummet, walking away with $3.4 million . This left other traders and coin holders’ stocks and shares ultimately worthless.
Read moreHow do I get the squid meme coin?
To purchase Squid coin, investors had to be connected to a decentralised platform known as PancakeSwap . Unlike large cryptocurrency exchange platforms such as Coinbase, which is registered by US and European regulators, DeFi projects like PancakeSwap avoid a third party and so anonymity is often possible.
Read moreWhat is the Squid Game token?
According to the squid project’s whitepaper, the token is a play-to-earn cryptocurrency inspired by the South Korean streaming series where contestants play games that can end in riches or death .
Read moreDid people make money in squid coin?
This kind of scam is commonly called a “rug pull” by crypto investors. This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales. Squid’s developers have made off with an estimated $3.38m (£2.48m) , according to technology website Gizmodo.2 Kas 2021
Read moreWho was behind squid coin?
John Lee couldn’t believe his luck. The $1,000 investment he made in Squid, a new cryptocurrency project inspired by the dystopian Netflix drama “Squid Game,” had skyrocketed in price. But within five minutes Monday, his money disappeared.
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