Blog

How SQUID Game’s Token Collapsed

Since the squid game was rapidly becoming the most hit series in the world it was predictable that altcoins would follow the wave soon.

Squid launched at the price of 0.01$, and there would be a play-to-earn game inspired by the show.

Surprisingly only after 72 hours the token raised to 4.4$ an increase of 44,100% or almost 44 folds, which attracted some of the world’s greatest media agencies such as BBC and CNBC.

After a while some reports stated that the owners had problems selling their tokens.

Unfortunately the news did not clarify that the tokens were not supported by Netflix.

The Nov.1 Prices stood at $38 as of 6am London time on Monday morning — accelerating to $90 by 7am, $181 by 8am, and $523 by 9am. Only 35 minutes later — at 9.35am — SQUID appeared to hit highs of $2,861.80. A surge of 7,500% in three-and-a-half hours is unheard of even in the notoriously volatile world of cryptocurrencies.

Five minutes after this supposed all-time high, at 9.40am, SQUID had plummeted  to $0.0007926 — a fall of 99.9999%.

This is an old story of developers abandoning their investors.

Later they were telegram pictures revealed by Apparently developers had launched another token called Marble and only  those who have both could sell the squid tokens on the open market.

To sum up, it was a lose-lose project. Investors were left with a worthless token, Even in the high they couldn’t sell it and with all bearing losses, their initial investment was not returned. The SQUID investors lost their hope for a better financial future in a blink of an eye.

Source: coinmarketcap.com

Copyrights © 2021 ZareTech.