Squid Game cryptocurrency goes to zero after rising as high as $2,856.34 | Tech News

On “Doge Day” April 20, SEC Commissioner warned Dogecoin merchants: “Don’t come complaining to the government if you lose money.” Since then, the meme coin has gone via a roller-coaster trip. Apart from, a couple of different meme cash have been launched. Certainly one of them is Shiba Inu Coin, which has doubled in worth within the final week alone.

Nonetheless, probably the most not too long ago launched meme coin is Squid Recreation coin, a cryptocurrency based mostly on Netflix’s new Korean-language present “Squid Recreation” a couple of lethal event of adults taking part in kids’s video games within the hopes of profitable a giant money prize is a worldwide sensation.

The net sport event, which launches in November, mimics the six rounds of video games featured in its namesake TV present. However not like its Netflix counterpart, the corporate stated “we don’t present lethal penalties apparently!”

Final Tuesday, the Squid Recreation token rose from round 1 cent Tuesday to $2.22 on Thursday, up practically 2,400% in underneath 24 hours, with a market capitalization of above $174 million. By late Sunday, it was buying and selling round $38, based on knowledge from CoinMarketCap. By early Monday morning, It then rose once more to round $90, then spiked to only above $2,861 earlier than falling to zero at round $0.003467 at 10 a.m. ET.

As of this night, the stay Squid Recreation token worth is $0.003351 as of the time of writing with a 24-hour buying and selling quantity of $17,069,912 USD.

The squid token was launched because the unique coin of the Squid Recreation venture — a crypto play-to-earn platform on BSC chain impressed by the Korean hit sequence on Netflix a couple of lethal event of kids’s video games. SQUID is the one token that can be utilized in Squid Recreation. Traders within the token will want SQUID to take part in a sport or get restarted after they fail the sport.

CoinMarketCap reported that SQUID’s rigid tokenomics has triggered many buyers to lose some huge cash. “Uncommon tokenomics left buyers who purchased SQUID trapped — which means that they had no alternative however to look at helplessly because the token’s worth surged to $2,800 and crashed to $0.0007, ” CoinMarketCap stated.

Describing the brutal crash, one SQUID holder informed CoinMarketCap:

“The value was multiplying at an irregular stage. And as I used to be gazing my pc display screen, I watched SQUID fall down in a matter of minutes. There was no option to withdraw my funds intact.”

One other investor stated, “I assume this can function a priceless lesson for me to not simply bounce into meme cash … I’m not blaming anybody besides myself, however I feel there should be some mechanism to keep away from this sooner or later, and for information retailers to cease giving consideration to those scammer kind tokens.”

Different crypto buyers describe how their $57 funding surged to $14,000 — and their frustration at being unable to promote their token. One other sufferer informed CoinMarketCap “I misplaced all of what I’ve on this venture.” He had purchased 5,000 SQUID at $1 apiece. “I don’t belief in them anymore,” he added.