Polkadot hits ATH while Squid Game-inspired token collapses
04:37, 2 November 2021
Polkadot token became the latest cryptocurrency to hit an all-time high on Tuesday, while a memecoin inspired by Netflix’s hit “Squid Game” collapsed from over $2,800 to $0.0007926 within five minutes.
Blockchain network Polkadot’s token DOT surpassed the $50 mark for the first time and hit an all-time high of $50.87 on Tuesday, according to CoinGecko.
Polkadot pared gains after hitting its peak but traded more than 15% higher over the last 24-hours at $49.33 in early Asia trade on Tuesday.
The motion to enable parachain registration and crowdloans has passed Polkadot's council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. https://t.co/5ouDWBmnvc
— Polkadot (@Polkadot) November 1, 2021
Polkadot's parachain auctions to launch soon
Polkadot recent run of form comes on the back of the upcoming launch of parachain auctions on its platform.
Parachains are interoperable blockchains that run on Polkadot’s network that developers can customise to suit their decentralised applications. Projects need to win parachain auctions to access blockchains on Polkadot’s network.
Meanwhile, the Squid Game-inspired token SQUID’s collapse served a timely reminder to speculators about the pitfalls of pouring money into fad cryptocurrencies, as media reports suggested a scam following the token's 99.99% drop.
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SQUID token wipeout
“We have received multiple reports that the website and socials are no longer functional & the users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise extreme caution,” said CoinMarketCap on its website.
The SQUID token which was created to give token holders access to online games inspired by the Netflix show has an “anti-dump mechanism” with many complaining on social media about their inability to sell the coin.
“On PancakeSwap you can buy into SQUID, but not sell. You can only sell when you have Marbles. Marbles are only earnable through playing the game You use your SQUID to 'buy in’,” said a Reddit user named King_J990.
Shiba Inu-Dogecoin pair to list on Binance
Elsewhere, Bitcoin rose 1% to $61,020.32 while Ether advanced over 2% to $4,310.76 in early Asia trade on Tuesday.
Shiba Inu edged 1.8% lower to $0.00007023 ahead of its debut on cryptocurrency exchange Kraken. Dogecoin remained below Shiba Inu in terms of market capitalisation on Tuesday as prices inched 0.6% lower to $0.2693 in early Asia trade.
Cryptocurrency exchange Binance announced that it will open trading for a Shiba Inu and Dogecoin pairing on Tuesday on the back of their growing popularity. Binance Markets Limited is not currently permitted to undertake any regulated activities by the Financial Conduct Authority in the UK. This means that if UK residents invest in certain cryptoassets with Binance they will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong.
New trading pair: $SHIB / $DOGE ????
— Binance (@binance) November 1, 2021
➡️ https://t.co/jt2yBaBPTU pic.twitter.com/nRfyMKItQm
Read more: US regulators call on Congress to quickly pass new stablecoins laws
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