Why 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”.

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.

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.