The Strategist

Altcoin for 'Squid Game' collapses to zero from record $2,800

11/02/2021 - 03:18

The cryptocurrency SQUID, created for a project based on the series Squid Game, has fallen in value to near zero, having reached a record $2,860.00 earlier on Monday, according to trading data.

Marco Verch
Marco Verch
According to CoinMarketCap, a portal that tracks cryptocurrency trading on major exchanges, Squid cryptocurrency was down 99.99% overnight, to $0.003163. The cryptocurrency reached a record $2,861.8 per coin on Monday afternoon, from around $36 a day ago.

The cryptocurrency was launched for an online competition based on the TV series Squid Game, in which participants have to complete relevant challenges, the rules from the project website said. To participate in each of the six rounds, players had to pay a certain number of SQUID tokens, the rules said. The competition was scheduled to start in November, according to the project's plan.

At the moment, the game project's website and social media have become inaccessible. The CoinMarketCap website mentions that the portal has logged numerous reports of users being unable to sell Squid token on cryptocurrency exchange Pancakeswap.

The Squid Game premiered on Netflix on September 17. In the story, the characters in the series, many of whom are struggling financially, compete for a large cash prize by participating in games of survival.