SQUID officially left the game. These, amongst others, are some of the reactions to what happened moments ago to one of the most widely-discussed tokens for the past couple of days – Squid Game (SQUID).
- The SQUID price tanked today – it’s down 99.99%, according to CoinMarketCap.
- The price of the cryptocurrency dropped from above $2,800 to $0.005 in a single red candle, indicating that what many thought to be inevitable happened – the project got rugged.
- A rug pull means that people behind it – usually the team of developers – use a backdoor in the code that allows them to remove the liquidity and make away with the profits.
- In any case, the warning signs were there all along. As CryptoPotato reported earlier on Saturday, the SQUID price made the entire business model absolutely senseless.
- Moreover, CoinMarketCap themselves put up a banner that warned of the high risks of investing in this particular token which read:
We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.
- The website of the project is also not working at the time of this writing.
- It’s worth noting that there are other tokens on the market with the SQUID ticker and some of them appear to be performing very well. Regardless, what happened to Squid Game should be a major red flag and a reminder to not give in to the euphoria and do extensive due diligence before investing.