It is definitely game over for the Squid Game Token (SQUID) as it has collapsed in a classic scam-like ending. The shady cryptocurrency rose massively earlier to as high as 75,000% in just a few weeks to go to as high as $2.85k. However, now that the analysts have taken a second look at it, it was exposed as a fraud and the traders soon tried liquidating their positions. As a result, the valuation of the cryptocurrency fell to around zero in no time, dealing a swift blow to the short-term life of the scam token.
The Squid Game token is a case study in how shady fraudulent tokens operate in the crypto world and do what is called a “rug pull”. Everyone needs to read its progress and decline to see just how these projects operate and how they end up with zero valuation, thus making investors loose a lot of money. For many of the traders, this was a token started by the Squid Game show’s actual creators or someone involved with the storyline. However, one simple Google search would have showed that it was not the case and the coin was actually started by a totally unrelated organization that had no connection to the actual TV show.
The coin is overall now a bonafide rug pull and we at Crypto8 warned investors against it a few days ago when it started posting crazy returns. It is always a good idea to be cautious about a new cryptocurrency entering the market and especially something that is increasing its value so suddenly at so much pace. Its price started from around $0.01 and rose to an astounding $2.85k at one point. Overall, the SQUID token rose spectacularly and investors shilled some money on it but its fall was faster than it rise itself, resulting in its value being reduced to zero in no time.
This graph and tweet showcase how it all played out:
A lot of my normie friends bought this $SQUID game token and couldn’t sell i (“anti-dump feature”)
Now look what happened pic.twitter.com/wq5egYBKFa
— Friend of Peach (@WaymanCap) November 1, 2021
Some of the blame for making investors trust a scam token lies elsewhere. Once again, the big media outlets used their half baked coverage of crypto to get unsuspecting viewers to invest in a total scam digital coin. The Even some like CNBC called it Netflix’s own token and “the very brand of the show” which is an alarming level of ignorance from such a big news channel. Other channels also covered it despicably. There is also talk of possible collusion between the scammers and some of these new channels. However, coin reporting outlets like CoinGecko flatly refused to list it because it was clearly a scam in disguise.
The simple lesson to learn from yet another scam token is that investors need to do their research. TV channels and other half baked media reports are never to be taken for granted and must be doubled checked. Your money is an important asset and shouldn’t be thrown away recklessly in quick rich schemes, even poor ones at that!
Image Source: pixabay.com
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