Squid Game token crashes 99.99% from $2,861 to $0.003475, Twitter account gone

[Cookdata]

This is a warning for meme coins lovers and users who love to follow twitter hype and quick to get profits from hype projects, a popular project with one of the popular Netflix series Squid game has plummet 99.99% of investors after the investors saw a big profits to a price level of $2,861 but unfortunately couldn't sell because of lack of transparency of the project, it has taken  negative dive and crashed below 1 cent. its currently trading below $0.005 as seen some few hours ago.
Twitter has also restricted their account after the incident.



Current state of token

Price: $0.003271
Trading Volume: $14m
Market cap: $2.6m
Diluted market cap: $2.7m

Current state of chart



Source:- SQUID

Becareful of meme coins

[PrimeNumber7]

I read that the smart contract used to create that token was setup so that only certain people were able to sell. I understand that only the creators were able to sell and those that bought after a certain time could buy but not sell.

My guess is the creators were selling slowly as the price was going up, and decided to eventually sell as much as they could once the price got sufficiently high.

[Cookdata]

I read that the smart contract used to create that token was setup so that only certain people were able to sell. I understand that only the creators were able to sell and those that bought after a certain time could buy but not sell.

There was no audit report for the project, but the team strategy was on track and being confidently implemented while investors were busy buying.

[cryptoaddictchie]

Fuck no? The price hit 2.8k per token then go down to 0.003? Damn if this is real then those who got hyped by it during the high time are probably in deep loss now. Not to mentioned if whales played it as well and got cooked. This is the worst price dive that I've seen and witness for this year.

There was no audit report for the project, but the team strategy was on track and being confidently implemented while investors were busy buying.

Confidently implemented but why this happened?

[Cookdata]

Confidently implemented but why this happened?

I have tried to access the website but it seems down, they deactivate their website but as quoted from new York Post.

The issue could be tied to an “anti-dump mechanism” that the creators of the coin describe in a white paper associated with the cryptocurrency.

Source:- NYP

This is the link to squid game project but it's not going through:

Code:

 https://squidgame.cash/market.html

[Len Saldua]

This is what you get from a Hype token. Reason why I don't invest in Dogecoin or Shiba.

[blockman]

This is what you get from a Hype token. Reason why I don't invest in Dogecoin or Shiba.

Squid token is completely different from Dogecoin but it's the point about a coin that's only made by hype. The people who have invested in it and got confidence still lack experience in the market. I feel bad for the guy who became trending about how he watches his life savings on this coin go to zero. It's completely sad and pitiful upon watching that streamer but it's also part of a lesson that he and everyone has to take that don't invest on these meme coins a lot.

[PercT4b]

I read that the smart contract used to create that token was setup so that only certain people were able to sell. I understand that only the creators were able to sell and those that bought after a certain time could buy but not sell.

My guess is the creators were selling slowly as the price was going up, and decided to eventually sell as much as they could once the price got sufficiently high.

Would be great if you could tell us how to read a smart contract (for example on Bscscan), or if you know some tutorials available on the internet that could do that.

[TimeTeller]

Fuck no? The price hit 2.8k per token then go down to 0.003? Damn if this is real then those who got hyped by it during the high time are probably in deep loss now. Not to mentioned if whales played it as well and got cooked. This is the worst price dive that I've seen and witness for this year.

There was no audit report for the project, but the team strategy was on track and being confidently implemented while investors were busy buying.

Confidently implemented but why this happened?

What can you expect from a hollow project which used the name of the popular game today and riding the meme hype?
This is the scary part for those who were attracted to get on board with this project.
Now, the price is already down, I don't think there will be another pump as more than likely, the member(s) are already enjoying their "stolen" money from naive buyers.

I read that the smart contract used to create that token was setup so that only certain people were able to sell. I understand that only the creators were able to sell and those that bought after a certain time could buy but not sell.

My guess is the creators were selling slowly as the price was going up, and decided to eventually sell as much as they could once the price got sufficiently high.

Do you have reference for this, regarding the section where you can see from their smart contract about the limits of who can only sell?
For sure, they only allow the team members who can sell their crap token.
Because we will see those addresses involved if they still have their tokens left.

[Ararbermas]

Clearly that new token that based on the squidgame movie is for hype only, i saw that token really flying like unstoppable but i know it won't last, but yep it's very unfair because i missed the opportunity from it to gain quick profits, just imagine it was listed only in few exchanges not yet on binance but how the way it jumped to the highest price in just short period of time is really amazing..but at this point for sure it will end up like that.. I mean it's now in the critical situation.   i will never ride on it unless if it show a potential especially for quick profits. Lol

[avikz]

A complete madness is ongoing in the altcoin market right now which started by Elon and has now become a scammers' paradise. Any random tokens are getting listed on any random swaps and people are buying those craps. Squid game was one of those utter craps. I am happy that it crashed and people loat money. Because people need to understand that these tokens are pure gambling and nothing else. People need to learn the hard way! Craps can't make you a millionaire for sure.

Now even you will find clones of Shiba Inu coins flooding the market.

[otundebis]

One of the way to suspect a scam project is to critically appraised their activities and objectives to see if such project is trying to leverage on a popular trend,  name or something that mean something to people.  Squid game gained popularity through it's series on Netflix! How on earth do people think such project will replicate what happened in the movie in Cryptocurrency? These are just red flags that should not be ignore if you don't want to get rugged!

[PrimeNumber7]

I read that the smart contract used to create that token was setup so that only certain people were able to sell. I understand that only the creators were able to sell and those that bought after a certain time could buy but not sell.

My guess is the creators were selling slowly as the price was going up, and decided to eventually sell as much as they could once the price got sufficiently high.

Do you have reference for this, regarding the section where you can see from their smart contract about the limits of who can only sell?
For sure, they only allow the team members who can sell their crap token.
Because we will see those addresses involved if they still have their tokens left.

The basis for my statement was this article.

You can read the smart contract on bytecode that is on etherscan. The contract is 6800 lines, and I have not reviewed it.

[samuraijin]

that's why beginners need to research this especially because of FOMO, I didn't tell Shiba which is currently popular, there are even a lot of tokens like this, this is only a little that has been revealed there are still many fraudulent projects like this just by selling popular names , currently facebook is changing the name of META maybe there is a name META token in the near future and people keep buying it, it looks so stupid then they come to this forum and say crypto is a scam

[Eureka_07]

Also just saw this one on my facebook feed. From 230k% up last weeks to almost half cent now. The developers of this coin gained so much money from this scam.
It is trully dangerous to invest on something just base on its hype. Clearly the investors of this coin were just hyped since the Squid Game series were really famous recently until now.

A complete madness is ongoing in the altcoin market right now which started by Elon and has now become a scammers' paradise. Any random tokens are getting listed on any random swaps and people are buying those craps. Squid game was one of those utter craps. I am happy that it crashed and people loat money. Because people need to understand that these tokens are pure gambling and nothing else. People need to learn the hard way! Craps can't make you a millionaire for sure.

Now even you will find clones of Shiba Inu coins flooding the market.

Lesson learned for them, but I think we shouldn't be happy for their lost.

[Review Master]

Scammer took the advantage from current hype of "Squid Game" web serie and did this rugpull carefully. Few days ago, there was a warning in CMC that few users can't sell iit after buying and even after that warning, many users aped into this shit and got rekt. BTW, a livestream video is circulating when youtuber was checking that memecoin and rug pull was done which is interesting.  So stay away from memecoins , especially from those which are created according to the current trend/hype from social media.

[Slow death]

one of the reasons i'm afraid to buy altcoin is precisely because i always think what if the altcoin creator disappears or do something stupid that makes the altcoin price drop to zero? I just day trade altcoin sometimes, but I don't trust altcoin, I prefer to just trust bitcoin... unfortunately due to the high bitcoin transaction rate I'm forced to use litecoin. the people who had this altcoin at this time are crying a lot due to the great loss

[gabbie2010]

This is absolutely bad, imagine an investor buying massively at the peak price and all of a sudden the price crashed from a whooping $2,861 to $0.005 that is a catatrophic loss this is a big warning to investors whose mind set is to earn huge profit in a bid to becoming rich overnight thus investing in meme coin, when there are credible and reliable coins that worth investing on though the profit to earn might not be massive but very real and reliable for a long term investment perspective.

[TastyChillySauce00]

There was no audit report for the project, but the team strategy was on track and being confidently implemented while investors were busy buying.

Im not sure about this. The backdoor could be implemented by them during the contract creation. I were still seeing buy and sell happened through dextool but it's quite strange to see people were not able to selling their tokens last days and i suppose if it was the scammer who have been actively manipulating the buy and sell in the market. The scammer will never need an audit as the contract already created for the scam purpose only.
Audit will be revealing the backdoor that already created in the smartcontract.

This is what you get from a Hype token. Reason why I don't invest in Dogecoin or Shiba.

It's quite different when you were investing in doge or shiba. The code was not private and it will be fully audited by the community and some companies. It will be more transparent rather than a project that created by scammer. I thought that if it's not true at this moment but if you're thinking hype token was bad and it's your mind. Others may have different way of thinking about that. So far i never seen any problem happened with shiba inu as this is even younger than doge coin.

[Rabi3]

I read that the smart contract used to create that token was setup so that only certain people were able to sell. I understand that only the creators were able to sell and those that bought after a certain time could buy but not sell.

My guess is the creators were selling slowly as the price was going up, and decided to eventually sell as much as they could once the price got sufficiently high.

now that's what I call a "smart" contract, they profited from a small trend and waited for the price to go up and then comes the big dump, that's why we should be careful if we want to invest some tokens nowadays and we better check everything about it and the team behind it, I hope this could be a lesson for those who where a victim of this and even us who weren't.