Digital token Squid, which was inspired by the blockbuster South Korean Netflix series Squid Game, plunged 99 per cent to less than half a cent on November 1 ($2,861 to $0.0007), wiping away $3 million worth of investor wealth in just 24 hours, according to data from CoinMarketCap, a global cryptocurrency exchange.
SQUID was part of what is known as “play-to-earn” cryptocurrency, where people buy digital tokens to use in online games. These tokens can later be exchanged for other cryptocurrencies or national currencies.
“Meme coins” such as Dogecoin and Shiba Inu have recently surged, often for no particular reason, drawing in investors with an expectation of high returns. Squid, another in this series of meme coin sensations, surged more than 230,000% in the past week to $2,861.80, according to CoinMarketCap pricing — only to plunge 100% to less than half a cent as of Monday in New York.
What’s Your Opinion on Meme coins and how safe of an investment are they ?