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Highlights
- Squid Game crypto’s developers have abandoned the project, making off with millions in investors’ money
- Bitcoin fell slightly overnight to be valued at US$60,900
- Altcoin Decentraland has soared in the past week after Facebook's rebranding pivot sparked renewed interest in the metaverse
Squid Scam
After rising over 35,000 percent in just three days, Squid Game crypto’s developers say they’ve left the project after the price of its token crashed to nearly zero.
SQUID was launched last Tuesday with a price of just US$0.01, promising access to an online play-to-earn game inspired by the Netflix survival drama.
The token’s value rose dramatically, and just three days later had increased 44,100 percent.
Even during that period, there were red flags, with several reports of users struggling to sell SQUID on the decentralised exchange PancakeSwap.
This was due to an anti-dumping mechanism that was imposed by the project’s developers, which meant owners could not sell the token.
Five minutes after Squid Game hit its supposed all-time high of over,US$2,800, SQUID crashed to nearly zero.
This is a classic sign of a rug pull, where developers suddenly abandon a project and take their investors’ funds with them.
Bitcoin News
The world’s largest cryptocurrency fell slightly overnight to be valued at US$60,900.
Meanwhile, tech billionaire and angel investor, Peter Thiel, has said bitcoin's sky-high price is a signal that the US economy is facing a "crisis moment" over inflation, which has surged to a 13-year high.
Thiel said the US Federal Reserve
isn't taking the issue of hyper inflation seriously enough and said he wished he had bought more bitcoin, adding he thinks inflation is here to stay.
Binance News
Binance, the world’s largest crypto exchange, temporarily disabled all crypto withdrawals on Monday due to a large backlog.
There were two stoppages of withdrawals on Monday. After the initial stoppage was announced on its Twitter account on Monday, withdrawals resumed after twenty-five minutes. However, twenty minutes after that announcement, the company tweeted an update that withdrawals had been closed again.
Withdrawals were resumed a short time later.
Altcoin News
Little-known altcoin Decentraland soared in the past week after Facebook's rebranding pivot sparked renewed interest in the metaverse.
Despite being one of the biggest losers yesterday, the price of decentraland, peaked at record high of US$4.16 on Saturday.
Since Facebook’s announcement on Thursday that it will be changing its name to Meta, the coin is now up around 300 percent.
Winners and Losers
88th ranked crypto Loopring has spiked an impressive 75 percent in the past 24 hours to be valued at around US$0.99. This adds onto a great week for the lesser-known altcoin. This time last week, it was valued at around US$0.43.
72nd ranked crypto, The Sandbox, has jumped 41.25 percent in the past 24 hours.
And today’s biggest losers. Arweave has dropped 7.45 percent and 97th ranked crypto, XDC Network has dropped 6.63 percent.
And that’s all today for Crypto Catch. Stay tuned for more market news throughout the day.
