The Squid Game Token (SQUID), a play-to-earn project inspired by Netflix’s hit show, surged by more than 35,000% in just three days after its October 2021 launch. Promising access to an online “play-to-earn” tournament modeled on the series, the project went viral across Telegram groups and social media. At its peak, SQUID traded above $2,861 per token, per CoinMarketCap data.On Nov. 1, 2021, developers executed what blockchain sleuths identified as a rugpull, cashing out millions in Binance Coin (BNB) while the SQUID price crashed by 99.99% to near zero within hours. The team later abandoned the project, claiming they were “overwhelmed with stress.” Do you think that most of the Crypto tokens are just ponzi schemes ?
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