Squid Game (SQUID) is one of the cryptos that experienced a significant price appreciation in just a few days.
This appreciation is also supported by the high interest in the Squid Game.
Squid Game inspires the creation of the SQUID token.
This token has appreciated by 83533% in just 11 days and continues to soar even higher to over 10000% in just four hours.
Unfortunately, after the appreciation, the price of SQUID has decreased to almost $0 or has no value.
Getting To Know The Squid Game Token
SQUID is a token that was created in 2021 after the Squid Game movie that was popular on the Netflix platform.
This project arose to form a crypto-based game or game where players can make money through games.
The game was shaped like a game in the Squid Game movie, but now it seems all is lost.
All information about this project has been erased from the website, whitepaper, to medium articles previously used as references by many investors.
Previously, many parties were interested in this token because it has an “anti-dump” mechanism where there is a promise by the team that a significant correction is not possible.
This mechanism makes many investors unable to sell. So, most investors who have already made a profit cannot feel it.
It turns out that the mechanism is fake, and currently, SQUID has undergone a correction where the value has lost more than 99.99%.
Many people feel cheated because this decline happened yesterday, November 1, 2021, and only happened in less than an hour.
One of the streamers or live broadcasters saw this correction and witnessed most of their savings being lost in SQUID tokens.
Many claim this correction was due to a rug pull, where internal parties or Squid Game developers made huge profits.
Developer Rug Pull
There is an assumption that Squid Game developers do a rug pull, where developers take funds from tokens that have been sold and disappear or run away.
It was noted that the massive correction due to the assumption of a rug pull occurred when SQUID’s market capitalization was at its highest peak, namely at $2.2 Million.
Before the correction occurred, there was a warning from Coinmarketcap that there was massive selling pressure.
Unfortunately, many people don’t realize it and can’t even sell because of SQUID’s “anti-dump” mechanism.
This mechanism makes many parties “stuck” or unable to sell and automatically makes their funds disappear when they go down.
SQUID developers have made nearly $12 million from their sales when other investors couldn’t sell.
When asked why this project stopped and disappeared, the SQUID developer gave a statement. The statement was delivered via Telegram, and it reads,
“Squid Game Developers do not want to continue this project due to the number of scammers who are stressful. We have removed all restrictions and regulations in SQUID Token transactions. Sorry for the inconvenience.”
Although there was no acknowledgement from the SQUID developer regarding the rug pull that was carried out, many investors were furious.
This is because the developer makes a profit while the investor suffers a massive loss.
The loss of SQUID also makes the loss of MARBLES, the crypto bound to maintain the Squid Game anti dump mechanism.
From this incident, there is a lesson that crypto investors must be careful, especially with cryptos with smaller market capitalizations. Because even though it has a good appearance from the whitepaper to the site, crypto can still cheat and generate significant losses.
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