‘Squid Game’ Themed Cryptocurrency ‘Squid Game Coin’ Falls to $0

Yugyeong Jeong

https://m.post.naver.com/viewer/postView.naver?volumeNo=32393211&memberNo=25425763

The price of a cryptocurrency with the theme of the drama ‘Squid Game’ currently airing on Netflix has fallen to $0. According to CoinMarketCap, a cryptocurrency information site, the price of the cryptocurrency ‘SQUID’ once surged to $2,861 per coin and then suddenly plummeted to $0.00079. Gizmodo, a media specialized in information technology, believes that the developers of ‘SQUID’ committed a ‘rug pull’ scam that lowers the value by exchanging all coins for cash. Rug pull refers to the act of pulling down a rug and knocking down an object or person on it. The anonymous scammer behind Squid Coin made $2.1 million in revenue.

‘SQUID’ was launched on CoinMarketCap on the 26th of last month at $0.01 per coin. The coin’s price soared 24 times within the first day of its appearance, making it a hot topic, and its market capitalization just before the rug pull has risen to a level of over $2 million. Gizmodo emphasized that there were signs everywhere that the cryptocurrency was a scam. The cryptocurrency website was full of typos, and investors could buy this cryptocurrency but could not sell it. CoinMarketCap has warned of caution when the coin price soared for no reason other than that it was named after the ‘squid game’. Meme coins based on cultural phenomena quickly captivate investors and are inflated and evaluated, and may have no intrinsic investment value at all. Brett Harrison, president of cryptocurrency exchange FTX US, warned that “individual investors should not trade such assets without investigation or due diligence.”

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