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?
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.