Squid Crypto Price – SQUID is a cryptocurrency that is currently ranked today as the #1134 cryptocurrency by market cap. SQUD is currently trading on 1 exchange, with 24 hours trade volume of 107,389,006.
SQUID cryptocurrency was inspired by the popular Korean Netflix series “Squid Game.” This crypto currency has lost almost all its value as it was revealed to be an apparent scam as reported.
SQUID cryptocurrency marketed itself as a “play to earn cryptocurrency”, Its price has been seen to soar in recent days surging by thousands of percent. However as the BBC reported, It was criticized for not allowing people to resell their tokens.
SQUID was launched on the 18th of October 2021 by a team based in Canada and the United States. Squidanomics is where Squid Game(SQUID), NFTs, Gaming, and passive income all come together into one token.
SQUID developers have made off with an estimated $3.38m according to technology website Gizmodo which in the past few days has plummeted.
On launch, a 3D knife web browser game was released that is hold to play. This means that players must hold a certain amount of SQUID to participate and receive the BUSD rewards distributed to tournament players. There is also a 2D shooter launching that will require NFTs to play and earn. This is a mobile game and will be available on app stores.
SQUID crypto price today has dropped to $0.2704 USD (0.000004082), with a 24-hour trading volume. SQUID is down by -36.76% in the last 24-hours. It is currently -99.99% below its 7-day all-time high of 2,856.64 USD, and 33,994% above its 7-day all-time low of 0.000793 USD.
However, cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam.
Critics also highlighted that its website contained many spelling mistakes and grammatical errors. The website is no longer online and social media accounts promoting the tokens have also vanished.
“It is one of many schemes by which naïve retail investors are drawn in and exploited by malevolent crypto promoters,” Cornell University economist Eswar Prasad told the BBC.
SQUID was available for sale on decentralized crypto exchanges including PancakeSwap and DODO, which allows for buyers to connect directly to sellers, without a central authority.
While rug pulls and exit scams are nothing new in crypto, the amount of publicity the squid game rug pull was extraordinary. The project’s Twitter account peaked at 57,000 followers and is now restricted for unusual activity.
Unbelievably though, the token continues in the exchange market and is up several multiples from its low of virtually zero. Apparently, some Squid Game investors still hope for a resurrection of the project despite the fact that Binance has opened an investigation into the missing funds.
The popular exchange that still is home to the SQUID token hopes to recover the lost funds, even though the developers used a coin mixer called Tornado Cash to cover their trail as reported by “Coin market cap.”