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Are Squid Game crypto tokens worth your investments ahead of Season 2?

Are Squid Game crypto tokens worth your investments ahead of Season 2?

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Squid Games (SQUID) crypto token scams are still relevant. Image credit: Canva

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YEREVAN (CoinChapter.com) – Squid Game is one of the most popular shows on Netflix. It surpassed 1.7 billion streaming hours at the end of the first 28 days after its release in September 2021. The show’s popularity led some people to create a series of Squid Game crypto tokens, most (if not all) of which are scams.

In June 2022, the streaming platform announced that the series will also have a season 2. Before the new episodes are released, let’s see if Squid Game’s crypto tokens are worth your investment.

Season 2 of Squid Game will be released soon.
Season 2 of Squid Game will be released soon. Credit: Twitter

How long will these Squid Game crypto scams last?

The popular South Korean Netflix series revolves around a deadly competition in which more than 450 people in deep financial trouble die while playing a series of deadly children’s games for a prize of ₩45.6 billion ($35 million).

While investing in altcoins inspired by the series may not kill you, it will burn a huge hole in your pocket.

As CoinChapter reported last year, the founders of the SQUID token defrauded investors of more than $3 million. Many users raised a red flag that the developers had wasted investors’ money after limiting withdrawals to pump up the coin’s value.

Hours before the mat bet, the token had surged more than 310,000% to reach an all-time high of around $2,860 on November 1 before settling at $0.0007926. This is the token’s all-time low to date.

Before the final collapse, CoinMarketCap had also warned investors that the project’s website had become down. It further clarified that the project is not affiliated with the NETFLIX series.

Despite the incident, altcoins are still traded on the crypto market. On September 14, SQUID showed an impressive return. The token gained more than 120%, jumping from $0.008949 to $0.0201 per token.

The Squid Game token (SQUID) is still current.
The Squid Game token (SQUID) is still current. Credit: CoinMarketCap

However, since then the price has decreased. At the time of writing, SQUID is trading at $0.009395 per token.

Recommendation: TOXIC! Cardano’s Charles Hoskinson and Ethereum developers find themselves in an ugly web

Despite claims, Squid Game 2.0 is not decentralized

Mocking the crypto industry, there seems to be no end to the laughable tokens that smell like scams.

While the original SQUID token is still operating under a new team, there is a new Squid Game 2.0 token that continues to attract gullible investors.

According to CoinMarketCap, the token, which goes under the same ticker SQUID, is trading at $0.0000002835 at the time of writing.

Unlike its predecessor, its founders have claimed that the new knock-off project is decentralized and therefore more reliable.

“As many of you know, the Squid Game cryptocurrency was founded by scammers. They took advantage of their community and inevitably pulled the rug and ran away with millions… We are now growing and making progress in developing a trusted currency with extraordinary potential. How are you protected? You are protected because SQUID GAME is decentralized.” 

the team claimed.

However, data from BSCScan reveals that the token is far from decentralized. One wallet holds over 44% of all tokens available.

Squid Game 2.0 is far from decentralized, as one chip controls a large portion of SQUID tokens.
Squid Game 2.0 is far from decentralized, as one chip controls a large portion of SQUID tokens.

In addition to SQUID 2.0, other projects have also been named after the series. These include Squid Game Token (SGT) and Baby Squid Game (BSG).

As the famous abductive reasoning test suggests, “If it looks like a duck, swims like a duck, and quacks like a duck, then it’s probably a duck.”

Everything we’ve seen so far about Squid Games’ crypto fiasco looks bleak.

If you haven’t watched Squid Games on Netflix yet, definitely do. But when it comes to the crypto market, stay away from these tokens as much as possible.

In the meantime, click here to find out which are the eight most crypto-friendly industries. The results will surprise you.

Are Squid Game Crypto Tokens Worth Your Investment Before Season 2? appeared first on CoinChapter.



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