Squid Token Gone Squidly: A Crypto Catastrophe
Just when the crypto community was bubbling over a new meme coin inspired by the binge‑worthy Netflix hit Squid Game, the Squid Token took a nosedive and almost vanished into thin air. In a crazy twist, the token surged to nearly $2,800 (S$3,778) last week before crashing to almost zero on Tuesday (Nov 2).
At its peak on Monday, the token’s market value ballooned to a staggering $2.4 billion, with a 24‑hour trading volume of $14 million. CoinMarketCap had those numbers handy, but the crash left everyone scratching their heads.
What’s Behind the Slide?
- Rug Pull? Coindesk reports a single digital address sold off massive amounts of Squid Tokens, hinting that the project’s handlers might have jumped ship.
- Access Problems – The official website went dark on Tuesday, and the Twitter account was “temporarily restricted” after some fishy activity.
- Unclear Causes – No concrete explanation yet; even Reuters couldn’t verify the reports.
Why This Is No Surprise
Cryptos riding on pop‑culture trends are as unstable as a reality‑tv plot twist. Jake Moore, a cybersecurity analyst from ESET, notes that these projects line up neatly with whatever’s trending online, and the recent Squid Game craze is no exception.
The Meme‑Crypto Rollercoaster
- After the Squid craze, meme‑based tokens like Shiba Inu once again surged up the rankings. Shiba Inu, a playful nod to Dogecoin, made it into the top 10 digital giants, despite lacking real-world utility.
- These tokens often see swift, dramatic rises followed by a steep fall—so people get swept up in the hype, only to find the coin’s value dwindling.
Where Was This Going?
Escrows a few exchanges like PancakeSwap and DODO, but neither is currently open to comment. The lack of a straightforward use case combined with a one‑week existence makes this token more of a prank than a financial instrument.
Takeaway
When the next internet sensation pops up, remember: a meme coin can bring you a thrilling short‑lived rush, but cash out fast before the tide turns into a flushing frenzy.
