SQUID has officially left the game. The Squid Game was rug pulled on November 1 and lost 99.99% of its value. Many people reacted to this news that happened earlier in the day affecting many of the investors who had joined the market aiming to make a quick buck. The SQUID lost a lot today, it is now down nearly 100%, based on CoinMarketCap.
The price of the crypto plunged from over $2,800 to $0.005 in one red candle. It proves what many thought to be inevitable happened, the project got rugged. A rug pull means that the people behind the project, mostly the team of developers, used a backdoor in the code that enabled them to remove the liquidity and made away with the profits.
In any case, the warning signs were there from the start. As reports emerged previously especially on October 30, the SQUID price made the whole business model quite senseless. Furthermore, CoinMarketCap put up a banner warning of the huge risks associated with investing in this token which read:
Buy Crypto Now“We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”
At the time of publication, the site of the project has stopped working. It is worth noting that there are other several tokens on the market with the SQUID ticker and some of them seem to be performing quite well.
Nonetheless, what happened to Squid Game should be a huge red flag and a reminder to never give in to the euphoria and do massive background research before investing.
