Squid Cryptocurrency Crashes, and Investors Lose Money – The New York Times

Millions of dollars vanished in a matter of minutes after investors piled into a new cryptocurrency inspired by “Squid Game,” the popular Netflix survival show, only to watch its value plunge to nearly zero in a few short hours.

The cryptocurrency, called Squid, began trading early last week at a price of just one penny per token. In the following days, it drew attention from a number of mainstream media outlets. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap.

Then Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the token’s value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website. Then, five dramatic minutes later, it traded at $0.0007.

More than 40,000 people still held the token after the crash, according to BscScan, a blockchain search engine and analytics platform. One of them was John Lee, 30, of Manila. He said he had spent $1,000 on the Squid tokens, thinking “…

Read Full Story: https://www.nytimes.com/2021/11/02/business/squid-coin-crypto.html

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