The price of cryptocurrency on the "Squid Game" series rose to $2,856 and dropped to zero in 10 minutes

Last week the "Squid Game" series got its own token called SQUID. It saw a staggering rise, followed by an even more precipitous drop.

What's known

When we first wrote about the digital currency SQUID, its price barely exceeded $4. Within a couple of days, the value jumped almost tenfold. However, on Nov. 1 in the first half of the day, the token rose in a few hours from as low as $90, then to $600 and up to $1,700.

The rate rose as users bought up the cryptocurrency but did not sell it. Moreover, investors could not get rid of SQUID not on their own initiative. The white paper states that it cannot be sold.

At 11:25 Kiev time the price was $1,718. Within 10 minutes, the price jumped to $2,586 (at 11:35 Kiev) and dropped to almost zero. At 11:40 Kiev time, one SQUID coin was valued at only $0.0007926, according to CoinMarketCap.

The cryptocurrency's creators promised investors a tournament similar to the series. It was supposed that to participate in it, you have to pay SQUID tokens, and the reward will be divided between the winner (90%) and the organizers (10%). Now neither the website nor social networks of the project are working.

Source: CoinMarketCap