The developers behind an altcoin project inspired by Netflix’s mega-popular series “Squid Game” say they’re leaving the project after the price of its coin token dropped to nearly zero. The latest development shows how risky it can be to invest in a new and extravagant token in the crypto market.
Altcoin project SQUID came out fast, crashed hard
cryptocoin.com As we reported, the play-to-win altcoin project Squid Game instantly gained popularity. Despite the project’s website being registered less than a month ago and a few red flags in the project’s whitepaper, including grammar and typos, the SQUID token has increased by more than 35,000% in just three days.
At press time, the project’s official website and account on Medium were shut down, and Twitter temporarily restricted its account, saying it detected “unusual activity”. Data from CoinMarketCap shows that SQUID prices have dropped nearly 99.99% over the past 24 hours to $0.002541. Trading volume increased by more than 130% in the same period, indicating massive selling pressure.
Squid Game isn’t the only crypto project inspired by the popular Netflix series, but none of them are officially affiliated with the popular South Korean series. Prices of other tokens associated with the show, including the squid gaming protocol, squidgametoken, squidanomics, and international squid games, have also stayed in the red over the past 24 hours, according to CoinMarketCap.
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