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Squid Cryptocurrency Falls 99,99% in a Day
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The value of the Squid cryptocurrency, based on the TV series The Squid Game, has fallen to almost zero after a sharp rise to $2850. Investors who invested in it complained that they could not withdraw money.
According to Coinmarketcap, the value of the Squid cryptocurrency has fallen by more than 99% in a day.
By 17:50 Moscow time, its cost was $0,002. Cryptocurrency appeared on October 20, it was planned to be used for the prize fund of the “Squid Game” in reality.
A similar thing happens when cryptocurrency creators drastically cash out tokens they own to capitalize on gullible investors, Gizmodo explains. A clear indication that Squid was an "obvious scam" from the start is the fact that the coins could be bought but not sold. CoinMarketCap also warned about the complaints of investors who could not sell the token on the Pancakeswap decentralized exchange.
CryptoPotato also reported that some crypto enthusiasts who invested in Squid were unable to withdraw their money. The sale ban could have been anti-dumping protection, but the token documentation did not mention any market control mechanisms, the publication noted.
Recall that on October 29, Squid grew by 2400% in a day, to $3,5.
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