‘Squid Game’ Crypto turned out as a scam, Red light for all buyers

Netflix show ‘Squid Game’ inspired cryptocurrency ‘SQUID’, which surged more than 2,30,000 % in the past week fell on the ground. Last week this meme coin hit $2,861.80, now plunged to less than half a cent. The cryptocurrency’s website, which said, “Please do your own due diligence and exercise extreme caution,” is no longer accessible.

What does this tell about Crypto Investments?

  • SQUID, the latest meme coin sensation, inspired by the Netflix hit. It surged more than 230,000% in the past week to $2,861.80, according to CoinMarketCap pricing — only to plunge 100% to less than half a cent as of Monday in New York. 
  • This tells us that how fragile this market is and sensations are not always secure and safe for taking investment steps.
  • Squid Game’s boom and bust reveal another side of the crypto frenzy: The potential for demand to suddenly dry up, or worse, for developers to abandon a project and abscond with the funds in a scam known as a rug pull. 
  • However, it is not clear yet, what happened to SQUID Coin.

Why SQUID Crypto wiped out suddenly?

A possible reason for SQUID wipeout is a number of warnings issued by the crypto community on social media about the risk involved in this meme coin. People were not been able to sell this coin, which raised concerns.

Then, much like the TV show’s ‘Red Light, Green Light’ contest, the colours on the charts changed quickly and the price dropped sharply after reaching a peak of approximately $2,850 – with the price crashing to zero after the game developers seemingly removed the liquidity and rug pulled the project. The game’s website, Twitter and other social media platforms have now all been deleted.

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