Squid Game SQUID/USD, a play-to-earn token inspired by the Netflix Inc. NFLX hit series, may have hit snag after been dubbed a “rug pull” but a new squid-themed cryptocurrency has taken over.
What Happened: Angry Squid ANGRYSQUID/USD is up 1249.18% during the past 24 hours, trading at $0.001608 at press time.
The altcoin touched an all-time high of $0.001589 early Thursday and is currently the biggest gainer among all cryptocurrencies, as per CoinMarketCap data.
The token has surged 1254.23% against Bitcoin BTC/USD and also gained 1239.53% against Ethereum ETH/USD. It has a relatively low 24-hour trading volume of384,367.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Angry Squid says on its website that the token has been launched to let users "enjoy the pleasure of the game" as well as bonuses.
The token’s Twitter account is currently suspended.
Squid Game saw a gain of nearly 83,000% even as it was labeled a scam by multiple reports. The Binance Smart Chain (BSC) token later plunged to a near-zero valuation.
It was reported earlier this month that cryptocurrency exchange Binance is investigating the Squid Game token in order to pursue the matter with law enforcement.
Binance is the company associated with the BSC blockchain on which the Squid Game token was based. CoinMarketCap says on its website that there is growing evidence that the Squid Game project has rugged.
The apparent scam has been described as a “rug pull” in reference to a carpet being suddenly pulled from under investors’ feet.
The cryptocurrency sector is becoming riskier as investors pile into new cryptocurrencies amid the craze driven by meme-theme coins.
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