Squid Game Over: Crypto Coin Exit Scams, Down -99.99%

When something becomes as popular as Netflix’s Squid Game series did as quickly as it did, people will try to take advantage of it for personal gain. That has been the case with the Squid Game cryptocurrency that’s has been gaining attention all across social media.

The coin was featured on BBC, Business Insider, Yahoo, CNBC, Bloomberg, and dozens of other “reputable” publications.

Squid Game’s boom and bust reveals another side of the crypto frenzy: The potential for demand to suddenly dry up, or worse, for developers to abandon a project and abscond with the funds in a scam known as a rug pull. 

The project is supposed to feature games like the ones in the show, with users paying to enter with the squid token. The Squid Game coin had topped $2800+ per coin according to Coin Market Cap data but is now trading for under $0.002.

These are things that squid developers could explain. Maybe the mysterious authors of the coin come from a different country. After all, Squid Game is a TV show made in Korea. Perhaps they won’t allow communication over Telegram, Twitter, and other social media right now.

But the biggest problem with the squid token is that you can’t cash out. That means you can’t get the coins and store them in a wallet or even sell it. The only way to buy the squid tokens involves a decentralized exchange service called PancakeSwap. This isn’t a traditional exchange like Coinbase or Binance. That’s where most people purchase bitcoin, ethereum, or the meme coins that see massive volatility.

Finally, there’s also an Elon Musk element to the story. The project’s website includes a fake endorsement from the CEO, which is fake. Musk is serious about bitcoin and crypto but often trolls the space, with doge being one example. But he never endorsed the squid token online. He was only talking about Squid Game.

After luring in many retail investors, the coin eventually popped after the owners of the project dumped their bags. 100% of people who bought into this token are now at a loss, assuming they didn’t take profits.

The website is now offline, their Twitter account has been flagged, and nobody is allowed to sell their coins. This is a nightmare for investors.

As always, this case further proves why profit-taking is essential.

If you ever decide to take on the risk of gambling into meme coins, just remember that you’re up against a bunch of greedy and clueless investors. These people rarely take profits or manage their risks. They have no exit strategy and are entirely focused on becoming millionaires overnight by holding forever, which lacks any real logic.

When the markets are green, people naturally feel the urge to buy more. In reality, you should be gradually securing your profits. Think of meme coins as a giant game of musical chairs. The music (hype) will eventually stop, and if you aren’t sitting (profit-taking), it’s game over.

Investment history is strewn with examples of booms and busts. The verdict on this current craze has yet to be determined, but individuals who are piling in now risk learning a hard lesson somewhere down the line. Squid Game investors already did.