Squid Game, a morbidly dystopian South Korean survival drama series that went on to become one of Netflix’s all-time mega-hits, was met with a great deal of excitement, fanfare, and anticipation. After all, wouldn’t it be entertaining to see a few hundred cash-strapped, debt-ridden people play a few simple, nostalgic childhood games with many deadly(literally!) twists in the hopes of winning a few billion dollars and emancipating themselves?
So did everyone else! What else could explain the meteoric rise of the SQUID token, a “play-to-earn” cryptocurrency that, with the show’s game theme? It requires individuals to purchase coins to compete in online games, earning additional tokens based on their win, from a pittance to nearly Rs 3.45 lakhs in less than 100 hours? In just 24 hours, the cryptocurrency soared over 2,400 percent, bringing its market capitalization to 174 million dollars, an all-time high for a young cryptocurrency. The coin, which went on pre-sale on October 20, was sold out in less than a second!
The SQUID crypto plunged by more than 99 percent, erasing out all of its benefits, surging at as much as 2,861 dollars to collapse below 1 dollar in just a few seconds in what could get explained as a classic case of the table cloth. The designers give up the proposal and siphon away all shareholder cash.
That occurred immediately after the official Twitter account got tagged as suspicious, with just over 7 lakh subscribers. The token’s unconfirmed, self-reported market cap is still 1,802,875 USD, down about 99.99 percent. The token’s whitepaper and official website have both vanished completely.
While the token’s whitepaper detailed an “anti-dumping” technology that prevents individuals from selling their coins if certain conditions get not met, it appears that many in the crypto community had already sniffed a sham and were skeptical of it from the start.
It gets pointing out numerous errors, such as the whitepaper’s typographical errors and the founders’ various background claims getting discovered to be misleading and deceptive. The cryptocurrency is “most likely a scam,” according to CoinGecko co-founder Bobby Ong.
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