erThe alleged rug pulled Squid Game cryptocurrency has rebounded 809%, three days after its developers exited the project with $3.3m.
At 12:00 AM UTC on November 4, SQUID was worth $0.0185 after a gradual price rise yesterday. It reached a high of $0.1581 at 4:40 AM before dropping to $0.1001 at the time of writing. The token is up 12530% since its bottom price of $0.0007926 that it reached after the dump.
Squid Game’s trading volume reached $80,101,527 (up 1363%) in the past 24 hours, despite no new updates surrounding the token.
Squid Game Token Gets Its Season 2
The renewed investments in SQUID come despite the major warnings from the likes of CoinMarketCap following the rug pull accusations. Binance is investigating the cryptocurrency, which was hosted on the Binance Smart Chain, and will provide its evidence to 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 major price crash. There is no reason to suspect that this mechanism has disappeared, meaning new hodlers remain unable to sell their tokens if a similar incident happens again.
The cryptocurrency community reacted with very little sympathy for those investing in Squid Game’s second wave. “Stupid is what stupid does,” said Billy Markus, the co-creator of Dogecoin. Others pointed out that a second rug pull could even happen.
One Redditor drew a comparison to the original Squid Game TV series. “This is the part in the show where everyone returns to the games after leaving because they’re so desperate,” they said.
However, one Twitter user pointed out the more damaging implications of Squid Game on the cryptocurrency industry. “The biggest threat and problem to our industry are these meme coins,” they tweeted. “Any coin should not just be allowed to be made - this has to stop.”
Even after these gains, Squid Game remains 99.995% down on its All-Time High of $2,861.80 - the price it hit just before the crash.
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[Image: Fabio Ballasina/Unsplash]