Top1 Rugpull Token: How Squid Game was born？

Nov 7

On November 5, 2021 at 15:55, China Central Television (CCTV) posted a message and video titled "SQUID spikes to 0.1 cents in 5 minutes".

CCTV："SQUID", the cryptocurrency named after the hit web series "Squid Game", has crashed, with its price soaring from 1 cent at its launch on October 26, rising hundreds of thousands of times to reach a peak of $2,861.8 a few days ago, before plummeting to less than 0.1 cents within five minutes. to less than 0.1 cents. Millions of dollars of market value evaporated instantly. Analysis suggests that this is a typical Rugpull-style scam. Some technology sites estimate that SQUID developers earned $3.38 million as a result. And this SQUID was not licensed by Netflix.

The official microblog of the Chinese economic media Daily Economic News, which has more than 40 million followers, posted at 6:18 on November 3 with the headline "Instant Zeroing! In just 5 minutes, from $2681 to $0.0007, "SQUID" collapsed, 40,000 holders were confused" .

However, at the time of their coverage, the SQUID price had rebounded to $0.03 at 6:18 on November 3; and at 15:55 on November 5, the SQUID pass price was about $0.06, coming up close to a hundred times from its low point.

What is the reason?

Whether it is Dogecoin, SHIB or SQUID, they lied more in its "money-making effect." The rugpull of SQUID led to decentralization and community autonomy; media coverage brought great visibility; plus the money-making effect of pulling up.

On November 6 many people hit a slogan similar to this: "CCTV has only ever said that BTC, ETH, Dogecoin, Shitcoin and SQUID are scams". Although some of them are just making flirtation, it gradually become popular, especially the demagogic and false slogans such as Put 100U for 100X; Developer Rugpull, Binance take over.

Of course, SQUID's current problem is the concentration of the Chinese community, unlike Dogecoin, SHIB has a global effect. MEME is bound to have a super high turnover rate, if there are not enough takers, even if short-term is difficult to sustain.

Twitter: https://twitter.com/WuBlockchain

Telegram: https://t.me/wublockchainenglish