At first, it seemed that tokens associated with the play-to-earn business model are the ones taking center stage.
The squid game token was dispatched as the restrictive coin of the Squid Game task, a crypto play-to-procure stage. The Token which was launched in November copies the six rounds of games highlighted in its namesake TV show. however, none of them are authoritatively partnered with the South Korean Squid Game Show.
The Prices of other tokens associated with the Squid Game show, including squid squidanomics, gameprotocol, squidgametoken and others were unavoidably deep in the red over the past 24 hours, according to CoinMarketCap.
This token is only available for trading on decentralized exchanges PancakeSwap and DODO, both of which are based on Binance Smart Chain.
Earlier today, the venture's true site and its record on Medium were down and Twitter had briefly limited its record, saying it had identified "Unusual activity" from it.
As CoinDesk reported last week, the pay-to-earn crypto project Squid Game gained instant popularity and the SQUID token rose by more than 35,000% in just three days – despite several red flags including grammatical and spelling errors in the project’s white paper and the fact that the project’s website was registered less than a month ago.
It was stated on the project official Telegram channel on Monday that its developers may not continue running the project due to the stress of dealing with scammers and hackers.
“Someone is trying to hack our project these days. Not only the twitter account @GoGoSquidGame but also our smart contract. We are trying to protect it but the price is still abnormal. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress [sic]. We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game will enter a new stage of community autonomy,” it wrote.
According to CoinMarketCap, data shows that prices for SQUID, were down nearly 99.99% to $0.002541 in the past 24 hours. and Its trading volume has increased more than 130% over the same time period, indicating huge selling pressure.