What You Should Know About The Squid Cryptocurrency

Recently, the new South Korean TV series, Squid Game, made it to the top of the charts on Netflix, and a pay-to-play token, Squid, was launched. And the price of this cryptocurrency initially skyrocketed by thousands of percent until they discovered you couldn’t exchange it for cash.

What is this Squid Scam?

Since they discovered this crypto was a hoax, the price of Squid went down. Crypto investors referred to the whole thing as a “rug pull”. In this, the developers of the crypto initially attracted investors and then stopped the trade to benefit from it.

The price of Squid went somewhere between $2K and $3K before it came down to $0. Even when the website was live, it had a lot of odd spelling and grammatical errors. But now, the website has vanished, and so have the social media profiles of these scammers.

There were a lot of red flags surrounding this crypto like the Squid Telegram channel did not allow for any outside comments and the Twitter account did not allow anyone to respond to any posts. One of the biggest concerns was that no one who gained that crypto could sell it.

Will The Squid Token Return?

It seems unlikely that the Squid token will make a comeback knowing that it turned out to be a scam. But since the hype around the Squid Game has not faded away in the crypto community, another token named the Squid Game Token (SGT) has come into the picture. This project seems to have a well-written white paper and promises to give its users ETH rewards just for playing the game. It also promises the users a 7% ETH reward for just holding on to the token. It is developed on the Binance Smart Chain. The daily trading volume of this token is low, so tread cautiously if you consider moving in this direction.

Final Thoughts

As we saw recently, a crypto scam involving the token Squid occurred. Even though it gained immense popularity, leading to the prices going high in a matter of days, it fizzled out just as quickly. Now, after this, another token has made it to the market, which is the Squid Game Token. But it is advisable to be cautious about making any investments in it.

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