The cryptocurrency, called Squid, began trading early last week at a price of just one US cent per token. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap.
Then Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the token’s value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website. Five minutes later, it traded at $0.0007.
Read the full report: The New York Times