SQUID has officially left the game. These, among others, are some of the actions that happened behind some of the tokens, most widely discussed in recent days – Squid Game (SQUID).
The price of SQUID plummeted today – down 99.99%, according to CoinMarketCap.
The price of the cryptocurrency has devalued from more than $2,800 to $0.005 on a single red candle, indicating what many thought was inevitable happened – the project became unsustainable.
A rugpull means that the people behind it, usually the developer team, use code that allows them to remove liquidity and profits, dealing a blow to investors.
The warning signs were there all along. As published on the Webitcoin portal this Saturday, the SQUID price made the entire business model absolutely meaningless.
In addition, CoinMarketCap itself put a banner that warned about the high risks of investing in this specific token, which said:
We have received several reports that users cannot sell this token on Pancakeswap. Please do your own due diligence and be careful when negotiating! This project, while clearly inspired by the Netflix program of the same name, is unlikely to be affiliated with the official IP.
The project website is also not working at the time of this writing.
It is important to note that there are other tokens on the market with the SQUID ticker and some of them seem to be working very well. Regardless, what happened with the Squid Game should be a big red flag and a reminder not to give in to the euphoria and do extensive due diligence before investing.
Source: Crypto Potato