The show Squid Game has become one of the most popular television shows and with that hype were a bunch of crypto tokens that tried to cash in. One of them was Squid Game token, and it was a rug pull.
This situation may be one of the more significant rug pulls for 2021 aside from the Marc Cuban Titan by Iron Finance debacle. It went from about $2800 to ~$0 in about 1 second which was captured live by a Twitch streamer.
It was a Binance smart chain token and like many others, it was a scam. I’m not saying BSC tokens are scams, but for most things that end up being scams, they tend to end up there in my experience. People were prevented from selling and the founder was able to sell everything and completely tank the price after less than a week from its inception. No wonder it was going up so much.
The real concern now a week later is that there are more people still investing in it which you can see on Coinmarketcap: https://coinmarketcap.com/currencies/squid-game/markets/
This thread details several important BSC addresses and the owners deleting all social media channels: https://twitter.com/__tricck/status/1455083308702834690
You even have knock off coins trending and promoting their coins instead which is terrible: https://twitter.com/SquidGameToken/status/1455192521412423680
These two articles talk about the rug pull and how Binance began officially investigating it given it happened on their chain. I doubt they’ll find anything.
The takeaways are:
1. If it’s too good to be true, it is.
2. Don’t chase hype.
3. Look into coins and do your research.
Did you invest in Squid Game token? Have you invested in any hype-based tokens? Have you seen Squid Game the show and did you enjoy it? Let me know what you think about this in the comments below and don’t forget to subscribe!
*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*
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