The website set up for the SQUID token is currently offline, and last week, CoinMarketCap had received a number of reports that users were unable to sell this token on Pancakeswap.
Something rather crazy is going on with the Squid Game token right now.
The cryptocurrency — inspired by the hit Netflix show of the same same — had launched last Tuesday with a price of $0.01.
As reported by CoinMarketCap, SQUID witnessed a solid debut — surging by 380,000% to $38 by the early hours of Monday, Nov. 1.
This is of unusual in and of itself… but further drama lay ahead.
In the space of three hours, SQUID’s price ballooned from $89 to $2,861.80.
Then, five minutes later, the coin’s value crashed by 99.99%... plunging to lows of $0.0007926.
This is typically an unfortunate sign of a rug pull — defined as when developers abandon a project and take investors’ funds.
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What’s Happened?
It’s very early days — but unfortunately, the signs do not look good.
The website set up for the SQUID token is currently offline, and last week, CoinMarketCap had received a number of reports that users were unable to sell this token on Pancakeswap.
This means that many owners would have had little choice but to look on helplessly as its value surged before crashing.
To make matters worse, the project has no affiliation whatsoever with Netflix.
