![]() “It’s somewhat ironic that Squid, an altcoin based on a show about dystopian capitalism, proved to scam crypto speculators out of several millions of dollars,” Christopher Vecchio, senior strategist at market research site DailyFX wrote to MarketWatch in an email. ![]() It almost sounds like a dark joke, but the bloody costs for investors again point to the importance for individuals to do their own due diligence before investing in any cryptocurrencies, analysts said. If any strange starts coming out of it, ignore it. “Sorry again for any inconvenience been made for you. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress,” the team wrote. “We are trying to protect it but the price is still abnormal. On SQUID’s official Telegram channel, the developers left their last message – they said someone attempted to hack the crypto’s twitter account and smart contracts. CoinMarketCap issued a warning saying it received multiple reports that users were not able to sell the token at PancakeSwap. ![]() On-chain data and evidence from Twitter and Telegram pointed to the incident as a “rug pull” scam, meaning that creators of a cryptocurrency abandoned the project and cashed out the tokens. SQUID rallied from $0.01 to $39 from Oct. The dive happened not long after the crypto was listed at decentralized crypto exchange PancakeSwap on Oct. 1, Squid Game (SQUID), a cryptocurrency that has drawn attention in part because of the popular namesake Korean TV show, collapsed to nearly zero after it rose to $2,857 from $39 in just three hours, according to CoinMarketCap. The jump also shows “a bet that the increase in global attention on metaverse potential will drive even more rapid decentralized innovation,” Acheson wrote. The surges are “a strong statement of what crypto investors think of #Meta’s centralized vision.” Noelle Acheson, head of market insights at Genesis Trading wrote on Twitter. Lucas Outumuro, head of research at data analytics firm IntoTheBlock recently wrote in notes that Meta’s Metaverse “is expected to result in an opaque and less secure network where value created does not accrue to its users as would be the case in a decentralized platform like Ethereum.”Īfter Facebook announced its name change, The Sandbox (SAND) and another metaverse-related token Decentraland (MANA) recorded 210% and 200% gain over the past seven days, respectively. “And Facebook, unfortunately, doesn’t have a great history of openness.” “On the other hand, it concerns me because I think part of the vision and the dream for us, at least, with the metaverse is that it’s a very open place,” Yung said. “It’s a great endorsement that we’re in a sector that’s poised to break out into the mainstream,” Robby Yung, CEO at Animoca Brands, which owns metaverse-related game The Sandbox, told MarketWatch in an interview. Though it seems crypto and non-fungible tokens will play a role in it, the crypto community is not too happy. Or previously Facebook, aims to build a Metaverse. Bitcoin can be seen as a hedge against inflation, while the dog-themed coins represent the power of community, according to Lyu. On, a petition to get SHIB listed on Robinhood has received more than 490,000 signatures.ĭespite SHIB’s loss of about 30% over the past seven days, Lyu said he would hold the meme coin in the long term, along with bitcoin and dogecoin. “These investors are very passionate about such tokens and are determined to push the prices higher,” Lyu said. So they turn to Dogecoin and SHIB, where you buy tons using just $100.” A bitcoin can be divided into 100 million satoshi, its smallest unit. “But you’d need over $60,000 to buy one bitcoin. ![]() “Seeing bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well,” Lyu said. KuCoin primarily targets retail investors, Lyu said.Īs the world’s third most googled cryptocurrency, Shiba Inu notched a gain of more than 380% for the past 30 days and rallied more than 76,000,000% over the past 12 months. 28, SHIB’s volume was almost three times that of bitcoin. The trading volume of Shiba Inu recently surpassed that of bitcoin for at least three consecutive days on KuCoin, the world’s third-largest crypto exchange based on trading volume, according to Johnny Lyu, KuCoin’s CEO. On Oct. Shiba Inu saw a loss of 31.9% over the past seven days, its worst 7-day performance since May 25. Went down 14.2% for the past seven days, its worst 7-day performance since Sep. Recorded a 3.35% gain over the past seven days. Hit a record high at $4,669 on Wednesday, while the cryptocurrency has gained 11% over the past seven days.
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