Squid Game's alleged cryptocurrency rose 809%, three days after its developers exited the project with $ 3,3 million in their pockets.
At 00:00 UTC on November 4th, SQUID was worth $ 0,0185 after a gradual price increase the previous day. It hit a high of $ 0,1581 at 4:40 am before dropping to $ 0,1001 at the time of writing. The token has risen by 12530% from its low of $ 0,0007926 which it reached after the dump.
Squid Game's trading volume reached $ 80.101.527 (up 1363%) in the past 24 hours, despite there being no new token updates.
The Squid Game Token is already in its second season
The renewed investments in SQUID come despite major warnings from the likes of CoinMarketCap following the rug pull allegations. Binance is investigating the cryptocurrency, which was hosted on the Binance Smart Chain, and will provide its evidence to the authorities.
One of the first concerns raised by early SQUID holders was that they could not withdraw or transfer their tokens. This "anti-dumping mechanism" is what prevented holders from selling during the great price collapse. There is no reason to suspect that this mechanism has disappeared, which means that new hodlers are unable to sell their tokens if a similar incident occurs again.
The cryptocurrency community has reacted with very little sympathy to those who invested in the second wave of Squid Game. “Stupid is what stupid does,” said Billy Markus, co-creator of Dogecoin. Others have pointed out that a second rug pull may even occur.
A Redditor made a comparison to the original Squid Game TV series. "This is the part of the show where everyone comes back to play after they leave because they are desperate," they said.
This farce must stop!
However, a Twitter user pointed out Squid Game's most damaging implications on the cryptocurrency industry. "The biggest threat and problem to our industry are these meme coins," they tweeted. "Any coin should not be allowed to be minted - this has to stop."
Despite recent gains, Squid Game remains down 99,995% from its all-time high of $ 2.861,80, the price reached just before the crash.
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