Crypto coin riding Squid Game high craters after dizzying rally

FILE PHOTO: Performers wear costumes inspired by the Netflix show "Squid Game" during a Halloween event at an amusement park in Beijing, China, October 30, 2021. REUTERS/Thomas Peter

(Reuters) - A cryptocurrency named after the wildly popular Netflix drama "Squid Game" crashed to almost zero value on Tuesday after a dizzying rally pushed it to almost $2,800 last week.

The so-called squid token's market value jumped to $2.4 billion at the peak of Monday's trading with a trading volume of $14 million over the last 24 hours, according to CoinMarketCap.