×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Financial Markets | Infrastructure | Money | Squid Game | crypto

Crypto Coin Riding Squid Game High Craters After Dizzying Rally

Squid Game crypto
(AP)

Tuesday, 02 November 2021 10:16 AM

A cryptocurrency named after the wildly popular Netflix drama "Squid Game" crashed to almost zero value on Tuesday after a dizzying rally pushed it to almost $2,800 last week.

The so-called squid token's market value jumped to $2.4 billion at the peak of Monday's trading with a trading volume of $14 million over the last 24 hours, according to CoinMarketCap. The reason for squid's slump was unclear. However, several reports including one by Gizmodo said https://gizmodo.com/new-squid-game-cryptocurrency-launches-as-obvious-scam-1847961584 holders of the coin were not allowed to sell the digital coin. Reuters could not independently verify the information.

Specialist crypto news outlet Coindesk reported https://www.coindesk.com/markets/2021/11/01/squid-game-token-crashes-developers-say-theyve-left-the-project that a digital address dumped squid tokens and cashed out millions of dollars worth of tokens in what it termed a "rug pull"- a situation where crypto developers abandon a project and run away with investors' money.

Squid's website appeared to be offline on Tuesday, while its Twitter account was "temporarily restricted" due to unusual activity.

Squid has only traded for a week, according to CoinMarketCap.

"Like many internet scams, cryptocurrency scams align themselves closely to popular trends and after the hype of Squid Game, this is no different," said Jake Moore, cybersecurity specialist at cybersecurity firm ESET.

Cryptocurrencies based on memes or linked to internet culture have recorded rapid booms and busts this year, echoing soaring popularity of mainstream cryptocurrencies such as bitcoin.

Last week, for instance, shiba inu cryptocurrency - a meme-inspired cryptocurrency and a spinoff of dogecoin - muscled into the top-10 largest digital tokens by market capitalization. It has, however, barely any practical use.

South Korean series Squid Game, which became a global sensation and the No.1 program on Netflix, shows hundreds of cash-strapped players competing in hyperviolent games.

Squid is traded on exchanges PancakeSwap and DODO.

Pancakeswap did not respond to a request for comment.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
A cryptocurrency named after the wildly popular Netflix drama "Squid Game" crashed to almost zero value on Tuesday after a dizzying rally pushed it to almost $2,800 last week.
Squid Game, crypto
302
2021-16-02
Tuesday, 02 November 2021 10:16 AM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved