Timeline of the Decline
November 1, 2021
$2861.00
All-Time High - Peak euphoria
October 29, 2021
$100.00
Users report inability to sell tokens
November 1, 2021
$0.0007
Developers drain liquidity pool - classic rug pull
Current
$0.0001
Post-collapse trading
What Went Wrong
-
Anti-Sell Mechanism (Rug Pull Design)
The smart contract was designed to prevent selling - only developers could sell. This was a textbook rug pull from day one.
-
FOMO-Driven Speculation
Hype around the Netflix show 'Squid Game' drove irrational buying despite obvious red flags like inability to sell.
-
No Due Diligence
Investors didn't verify the contract code or team. The developers were anonymous and the project had no legitimate connection to Netflix.