The cryptocurrency market has grown at a rate of knots over the past decade. All projects were not a success. Several notable projects grabbed prominent eyeballs and lured several market participants onto its platform but soon became dead, swallowing the money invested by the investors. A few were stopped mid-way due to lack of liquidity, while many were deemed scams. The list is a long one. According to Coinospy and Deadcoins, the website that tracks deceased crypto projects, close to more than 1,600 tokens are deemed dead to date.
Let’s look into some of the coins that created initial buzz but died in mere months.
Squid Games Token
The Squid Games climbed the popularity charts as one of the tokens with colossal potential. The Squid Games token was launched on 28 October 2021 and immediately saw an astronomical rise of 1,250%. Established as a play-to-earn game on the Binance Smart Chain platform, it was named after the popular Netflix series Squid Games.
Also read: Why is SPELL crypto gaining traction today?
The Squid Games whitepaper suggested that there would be a presale of the tokens in Phase Two, starting with the token airdrop. By the initial months of 2022, the Squid Game team wanted the token price to touch US$50. However, that’s when the project hit murky waters and died as it was alleged as a “scam token”.
Several market participants complained that investors could not sell their tokens on the DEX platform PancakeSwap. When the token collapsed, it…
