A Cryptocurrency Coin Crashes After Millions of Investment

Millions of dollars vanished in matter of days after investors piled into a new shit coin cryptocurrency. This currency was inspired by “Squid Game”.

The Korean Netflix survival series that went viral. After the movie went viral, groups of programmers created a coin called squid.

The cryptocurrency, called Squid, began trading. The price was one penny per token.

In the following days, it drew attention from a number of mainstream media outlets. Within a week, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap. This drew the attention of hundreds of thousands of people.

Then Squid went on a roller-coaster ride. In a 10-minute span, the token’s value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website.

 

Then, within five minutes later, it traded at $0.0007.

Initially when the coin boomed from a token to 32 dollars, so many people got interested and bought the coin, which brought profit to these programmers.

Sharon Chan, a spokeswoman for Netflix, declined to comment.
The reasons behind Squid’s collapse, reported earlier by Gizmodo, weren’t clear. Neither were the identities of its creators.

 

Its website appeared to have been taken offline. An email sent to its developers bounced back. Its social media channels appeared to have been shut down. Its Twitter account was not accepting direct messages or replies.
Pancakeswap, the trading platform, did not respond to a request for comment.

 

Not only squid token. There are so many other coins in the cryptocurrency world that is scam.

As a beginner, if you want to start crypto trading, start with bitcoin and Ethereum. This is because, it’s the main decentralized money that backs up most of these alternatives and shit coin.

 

In Conclusion

For some people who dump their life savings on squid coin is regretting right now.

The squid coin developers also required users to obtain tokens of a second cryptocurrency, called Marbles.

This marbles is used to sell their Squid tokens, according to the white paper. Marbles could be earned only by participating in an online game inspired by the show.

 

Photo credit: google.com

 

Before investing in any cryptocurrency, make deep research. This is your hard earned money. Shit coins are not reliable.

Don’t fall for scammers or get rich quick scam