11/03/2021
This is possibly the most vivid example of life mimicking art in the history of cryptocurrencies. The Squid Game token launched last Tuesday, October 26th to try and capitalize on the name recognition of the most popular video streaming series in Netflix (NASDAQ:NFLX) history. It’s important to note that the token was not legally affiliated or connected in any way to Netflix, nor the wildly popular Squid Game series produced in South Korea.
The premise of that show was that 456 people in life-crushing debt and financial despair were initially recruited and then voluntarily agreed to participate in six children’s games over a series of days for a large cash reward. The trick is that they were all drugged and transported to an unknown island, from which they couldn’t escape. Once they awoke and acclimated to their dystopian setting, they learned the basic rules and understood that losers of each round would be “eliminated.” They didn’t realize until after the first game of “red light, green light” – when half the players were gunned down on the playing field – that when the organizers said “eliminated,” they meant murdered in cold blood.
And so the series went – and so went the millions of invested funds in the Squid Game token, which were “eliminated” in less than a week. Since the Squid Game token debuted it saw a meteoric rise producing a 219,000% gain. However, it also saw a breathtaking drop to less than $0.005 in less than five minutes on Monday. Here’s the chart from CoinMarketCap.