Squid game meme coin, inspired from a dystopian T.V. show Squid Game just got its price crashed by 99.9% after a 230,000% gain.
The coin was valued at $2,856 before it crashed to ‘zero’ on November 1, 2021. Trade volume of the cryptocurrency declined by almost 147%. This came as a shock to investors who had been trading using the coin.
The above mentioned chart shows a sharp decline in the meme coin’s price. The coin’s price had spiked up to $2,856 between 2.30 a.m. to 5 a.m. ET. However, it crashed moments after it.
Many investors had also informed that they were unable to sell their coins. This was also a matter of concern. CoinMarketCap issued a warning considering the issue, that stated:
“We have received multiple reports that the website and socials are no longer functional & the users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP.”
This warning clearly shattered investors’ hopes.
The meme coin started as a ‘play to earn’ cryptocurrency. However, the current situation rightly indicates it to be a ‘honeypot’ scam (as CoinMarketCap warned). Twitter also flagged the meme coin account as ‘suspicious’ and restricted access to it.
Even after such a downfall in its value, the cryptocurrency continues to hold a market capitalization of more than $2 million.