Crypto coin riding Squid Game high craters after dizzying rally

A cryptocurrency named after the wildly well-liked Netflix drama “Squid Recreation” crashed to nearly zero worth on Tuesday after a dizzying rally pushed it to nearly US$2,800 final week.

The so-called squid token’s market worth jumped to $2.4 billion on the peak of Monday’s buying and selling with a buying and selling quantity of $14 million during the last 24 hours, in accordance with CoinMarketCap. The explanation for squid’s droop was unclear. Nonetheless, a number of studies together with one by Gizmodo stated holders of the coin weren’t allowed to promote the digital coin. Reuters couldn’t independently confirm the data.

Specialist crypto information outlet Coindesk reported {that a} digital deal with dumped squid tokens and cashed out hundreds of thousands of {dollars} price of tokens in what it termed a “rug pull”- a scenario the place crypto builders abandon a venture and run away with buyers’ cash.

Squid’s web site gave the impression to be offline on Tuesday, whereas its Twitter account was “briefly restricted” as a result of uncommon exercise.

Squid has solely traded for every week, in accordance with CoinMarketCap.

“Like many web scams, cryptocurrency scams align themselves intently to well-liked tendencies and after the hype of Squid Recreation, that is no completely different,” stated Jake Moore, cybersecurity specialist at cybersecurity agency ESET.

Cryptocurrencies based mostly on memes or linked to web tradition have recorded fast booms and busts this yr, echoing hovering recognition of mainstream cryptocurrencies reminiscent of bitcoin.

Final week, as an example, shiba inu cryptocurrency – a meme-inspired cryptocurrency and a by-product of dogecoin – muscled into the top-10 largest digital tokens by market capitalization. It has, nonetheless, barely any sensible use.

South Korean collection Squid Recreation, which turned a worldwide sensation and the No.1 program on Netflix, reveals lots of of cash-strapped gamers competing in hyperviolent video games.

Squid is traded on exchanges PancakeSwap and DODO.

Pancakeswap didn’t reply to a request for remark.

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