Instantly cleared! In just 5 minutes, the price of Squidcoin dropped from $2861 to $0.0007, and 40,000 people were stunned

Netflix's hit online drama "Squid" has spawned a cryptocurrency named after the brand - "Squid Coin" (SQUID). The price of this token soared more than 230,000% in the past week , reaching $2,861.80 at one point, and then collapsed, falling back to zero on Monday morning, Eastern Time.

On November 1, Eastern Time, according to data from the virtual currency tracking website CoinMarketCap, the price of Squidcoin fell from $2,861 per coin to $0.0007 in 5 minutes, a drop of 99.999976%. According to data from the blockchain tracking and analysis platform BscScan, about 40,000 people still held the virtual currency after the flash crash .

According to the white paper, the digital currency began pre-sale on October 20 and “sold out in 1 second.”

What exactly is Squidcoin? This virtual currency is an exclusive token for a gaming platform with the same name as Netflix's globally popular web series Squid Game. It is reported that the platform imitates the six rounds of competition in the show, and the prize money won by the final winner will be distributed in the form of this newly released "Squidcoin". The competition will start in November. And, although the jackpot in the show is capped at $38.5 million, this virtual game will not limit the upper limit of the final prize or the number of participants. The rules are that gamers must pay a preset price in "Squidcoin" to participate in each game, and some rounds also require users to purchase customized non-functional tools and sell them on the website of the Squid Game project. The entry fee for each round is divided equally between the developer (10%) and the reward pool (90%). In addition, the game also offers a pinball pool - similar to the popular game in the TV series - where holders can earn SQUID tokens by betting.

Previously, CoinMarketCap had issued a warning that it had received "multiple reports" that users were unable to sell Squidcoin on the decentralized exchange PancakeSwap.

Weibo users commented jokingly, "It's in line with the spirit of the squid game" and "There are endless ways to make money."