When something becomes as popular as Netflix’s Squid Game series has in such a short period of time, people will seek to exploit it for their own gain. That’s exactly what has happened with the Squid Game cryptocurrency, which is now gaining attention on social media.
The wild success and subsequent bust of ‘Squid Game,’ a mobile game named after the cryptocurrency, has revealed another aspect of the crypto craze: The potential for demand to suddenly evaporate, or worse, for developers to abandon a project and flee with the money in a scam known as a rug pull.
Users will pay to enter the project with the squid token, which is similar to how viewers paid for entry into “Squid’s Den.” According to Coin Market Cap data, The Squid Game coin reached a value of more than $2800 per coin before falling sharply to under $0.002 today.
Attention
These are topics that squid developers might discuss. Perhaps the coin’s enigmatic creators come from a different nation. After all, Squid Game is a TV show produced in Korea. Maybe they won’t allow communication on Telegram, Twitter, and other social media platforms right now.
The biggest issue with the squid token is that you cannot cash out. This means you won’t be able to get the coins or store them in a wallet, much less sell them. Only by using a decentralized exchange service called PancakeSwap may you purchase the squid tokens. This isn’t your typical exchange like Coinbase or Binance. Most individuals buy bitcoin, ethereum, or meme currencies like Dogecoin that have significant price fluctuations.
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Fake Elon Musk Endorsements
Finally, there’s an Elon Musk aspect to the tale as well. The fake endorsement on the project’s website is fraudulent. Musk is serious about bitcoin and crypto, but he occasionally trolls the sector by using doge as an example. He never endorsed online, however, he was only discussing Squid Game in his tweet.
Token down -99.99%
The coin quickly exploded after the project’s owners dumped their bags, attracting numerous retail investors. Assuming they didn’t take profits, 100% of those who invested in this token are now out of pocket.
The business has gone bankrupt, and its website is no longer operational. Their Twitter account has been deactivated, and users are not permitted to sell their coins. This is a disaster for investors.
This incident once again demonstrates why profit-taking is necessary.
If you’re going to gamble into meme coins, keep in mind that you’ll be competing against a bunch of greedy and ignorant investors. These individuals seldom take profits or manage their chances. They have no exit strategy and are totally concentrated on earning millions in a single day by keeping the cryptocurrency for an infinite amount of time, which makes no sense.
When the markets are up, most investors experience a strong desire to acquire more assets. In reality, you should be gradually cashing in your gains. Consider meme coins as a fun game of musical chairs with a twist. The music (hype) will eventually stop, and if you aren’t sitting (profit-taking), it’s game over.
Booms and busts are a dime a dozen in the stock market. The current craze has yet to be proven, but those who jump in now run the risk of learning a harsh lesson later. Squid Game investors already know this lesson.
