With the recent November 1st activities concerning the Squid Game coin, which took investors and users of crypto by storm, it is crucial to analyze the legitness of the Squid Game token and what went wrong.
In this article, we will understand all about the Squid Game coin scam, and why investors should avoid this token.
Is Squid Game Coin A Scam?
To answer the question as to “Is Squid Game token a scam,” ?the answer is clearly YES as recent activities have proven to show the illegalities regarding the Squid Game coin.
From its shady tokenomics to the super pump in price and value to even its social media account unclear giving information, the Squid game coin has scammed users and investors of their funds.
Making it a waste of time and a great loss to all users and investors who took part in this “rug and pull” scam.
What Happened With Squid Game Coin?
Since its launch on Netflix and with the massive success and recognition that the Series Squid Game has garnered on the platform even to appoint the most successful series on Netflix, it is no surprise that cryptocurrencies inspired by the truly dynamic and brutal series are inevitable.
Here is the basic information as regards the scam of the Squid Game coin:
- The Squid Game Token SQUID launched on the 26th of October with a price below $1 that is $0.01
- And as the company promised online gameplay mirroring the Squid Game Series on Netflix, the price of the Squid Game token rose dramatically to about $4.42, which indicates a surge in percentage gain in the coin market of about 44,100%. All of this happened in the space of 3 days i.e. 72 hours of launching the Squid Game coin.
- This made investors troop into this new Token surging in percentage and price, and to make matters more attractive to investors and users, big news outlets, including BBC and CNBC, made some coverage on the Squid game coin.
- Both blogs and these media outlets failed to mention one vital piece of information – that the Squid Game Token is in no way affiliated to the movie platform Netflix as some investors felt the Squid Game token since inspired by the Netflix series is in one way or another affiliated with the Netflix platform.
- This lack of this vital piece of information made investors troop in thousands and keep investing in this scam token.
- But even at the popularity of the Token, some blogs and websites, including Coindecimal.com and also CoinMarketCap, in their article about the Squid Game Token, made it clear with their articles.
- That information gathered points to the fact that investors and users have made complaints that they can’t sell their Squid game token using the DApp PancakeSwap which was the simple platform that could be used to sell this Token if it was real as said.
Why Did Squid Game Token Crash?
- The November 1st event led to the crash of the Squid game coin and showed it for the scam token it was.
- The quick succession of the rise in the value of the Squid Game coin on the 1st of November where the price of the Squid game Token moved from $38 at 6 AM London time to $90 in the next hour, then to $181 by 8 AM to $523 by 9 AM.
- As if this was not enough, just I the next 35 mins which are at 9:35 AM, the Squid game token hut an ATH of about $2,861.80, which gives a mighty surge of about 500% in just a space of how many hours, this is unacceptable even in the volatile world of cryptocurrency.
- It was later indicated that the Squid Surge in price was not in proportion with the rise in investors’ activities and funds.
- Squid investors and owners had to stay behind and watch the said surge in the price of the Squid game coin fall to $0.0007926. This is a fall in the percentage of about 99.999%.
- This indicates a known approach called the “Rug and Pull” in the crypto world, where creators abandon the project and make away with investors’ funds.
People Also Read:
You can watch this video to learn more about Squid Games Coin scammers here
Why Twitter Flagged Squid Game Token Handle
With a high number of people, investors went to Twitter to follow the official handle of the Squid game Project owners, and the handle got up to 57,000 followers in no time.
This Twitter handle was put under temporary restrictions citing unusual activities going on the handle.
This comes after the handle is said to have turned off replies to most of its posts.
Bringing up the replies after the “Rug and Pull” on the Token indicates that some of the replies to these posts clearly stated that the project is a scam.
What are your thoughts on the Squid game token scam? Did you invest in the Squid game Token? Share your opinion and thoughts using the comment section.
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