Squid Game: SQUID coin grew 300,000 times before the crash

Hype tools like a magnet attract hapless investors who want to break the bank with one transaction. This time, the scammers used the acclaimed Netflix (NASDAQ:NFLX) series “The Squid Game” by launching a SQUID coin and using the attributes of the TV show. The attackers also posted retweets of popular crypto exchanges to simulate their interest in the coin. As a rule, after listing on a new site, coins increase in price, so some investors try to buy them in advance.

According to the white paper, the SQUID token was released for in-game exchange and earnings at an online tournament

The squid game was supposed to start in November, you need to pay a certain amount of SQUID to participate. The winners of each round receive 90% of the contributions to the prize fund, and 10% goes to the developers. The number of participants is unlimited.

The coin was listed in October on the decentralized PancakeSwap exchange, and trading started from 1 cent. Interest in the game led to an active purchase of SQUID, and the growth of the coin, in turn, interested traders. Developers at this time actively used the mass media to promote their product. As a result of the hype, the coin has grown almost 300,000 times in just a week, reaching $2,856. Daily turnover exceeded $7 million.

The denouement was not long in coming: at the end of October, it turned out that the coin could not be sold due to lack of liquidity. Only purchase is available. At the same time, articles about the low level of literacy appeared in the white paper, and CoinGecko co-founder Bobby Ong expressed suspicion about the fraudulent nature of the project.

When the fraud was revealed, the coin lost all its achievements in a day and became five times cheaper than at the time of listing. It turned out that SQUID trading was the very Squid Game where the project developers emerged as winners.

Separately, it should be noted that the rapid growth of a project is not 100% a sign of fraud. The cryptocurrency market is still very young, so its participants are characterized by strong ups and downs.

So, last year an unknown user bought 70 trillion Shiba Inu coins, spending $ 8 thousand. Now his fortune is estimated at $5.7 billion.

Some manage to choose a worthwhile product at an early stage, and this leads to fantastic results. Others lose their investments. And what do you think, is such a game worth the candle? Write to us about it in the comments!