If you’re interested in learning more about the Squidgame crypto project, you’ve come to the right place. This article contains all the details you need to know about this play-to-earn platform and why you should avoid getting involved. Ignore the spelling mistakes and Ponzi scheme comparisons at your own peril. Instead, read on to discover whether Squidgame crypto is a scam or a legitimate investment.
Squidgame crypto is a scam
It is very important to research cryptocurrencies before you invest your money, because more than 80% of cryptocurrencies are fraudulent, and only 8% make it onto legitimate trading exchanges. A lot of people have already bought Squid Game cryptocurrency, but the crypto’s legitimacy was put into question due to several reasons. First of all, the cryptocurrency was never available on mainstream exchanges. You could only buy and sell SQUID on the site. It is a scam.
The Squidgame crypto market crashed last Sunday, sending its value plummeting. The reason for the crash is not clear, but the creators of the coin described it as a “rug pull scam,” a technique in which they drain a crypto exchange’s liquidity pool to steal money from unsuspecting investors. The value of the crypto subsequently plummeted to pennies. There was no way to know if the crypto scammers were real or not, as they have not disclosed the amount they made from selling the tokens.
It is a play-to-earn platform
If you’ve ever watched a Korean Netflix series, you’ll know the name Squid Game. Originally, the game was based on the popular show of the same name, but now, this play-to-earn platform will allow people to earn SQUID tokens by playing online games. Users can cash out their SQUID for fiat currency or other cryptocurrencies. In fact, SQUID tokens were skyrocketing in price, hitting over $2800 on the first day of trading, but have since crashed to almost $0. CoinMarketCap, one of the few exchanges that have listed SQUID, issued an alert due to numerous reports of people being unable to sell their currency on Pancakeswap.
The Squid game is an online tournament and OTT series that has 456 participants. The participants are deep in debt. To win, players use SQUID tokens or other related NFTs. This ensures that players will not die in the online tournament. But beware: there’s a chance for exploitation of this system. It’s important to understand that the Squidgame crypto is a play-to-earn platform and that it’s ripe for fraud.
It has spelling errors
While writing content, people make many different types of spelling mistakes. Most of these mistakes are often repeated. Here are some of the most common ones:
It is a Ponzi scheme
This cryptocurrency exchange may be a scam, but it is hardly the first. Open pump and dump schemes are rampant in the crypto space, and investors are often lured into them by the promise of quick profits. The Squid game token was available on decentralised crypto exchanges, which facilitate direct connections between buyers and sellers without due diligence. It is also important to note that new coins are often listed on decentralised exchanges the same day that they are created, with almost no regulation.
This cryptocurrency was launched with a big hype, thanks to a Netflix series. In just a few days, Squid Game coin soared 1,000%, generating a huge buzz in legacy media and social media. However, the creators of the cryptocurrency ran a complete crypto scam, preventing investors from selling their stakes and walking away with $3.3 million. After the hype died down, the Squid game crypto quickly became worthless and the developers made off with millions of dollars.
It has an anti-dump mechanism
The Squid Game crypto project was launched by anonymous developers in 2014. The coin was used as a buy-in to play virtual games based on popular TV shows with real-money prizes. In their white paper, the developers promised that their crypto project would be a safe haven for the cryptocurrency community. They also incorporated an anti-dumping mechanism to ensure that investors are not duped. In the event that their cryptocurrency tokens were dumped, investors would be able to recover their money.
Squid tokens were first issued on Pancake Swap, a DEX application on the BSC chain. They were issued at $0.01 a piece. As the Squid Game became a popular IP, many players were forced to purchase the tokens to participate in the game. However, many investors were not prepared to wait that long as the Squid tokens were already in the hands of scammers.