In this article, you will learn what is Squid token. A cryptocurrency inspired by the popular South Korean Netflix series Squid Game on November 1, 2021, became the most hyped digital token when its valuation shot up to $2,861 per coin. This is just the latest example of scammers utilizing pop culture to get media attention.
What is Squid Token?
The SQUID token was launched as a gambit to earn cryptocurrency. The meme token would be part of the Squid Game online tournament project, scheduled to launch in November 2021. The developers explained that players in the game will be able to earn SQUID Coins as they progress through each stage of the tournament. However, they would need to hold a certain amount of SQUID tokens to register for the tournament.
The play-to-win model and hype of the popular Netflix show have investors and crypto enthusiasts banding together to buy the coin since last week. However, all hope seems to be lost as the developers have pulled the rug out from under the project. Sadly, the SQUID coin will only be remembered as one of countless fraud projects in cryptocurrency history.
Squid coin, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar - surging by thousands of per cent. The cryptocurrency peaked at $2.861 before plummeting to $0. according to the website CoinMarketCap." by crypto investors ; it's an event that is triggered because the creators of the crypto quickly cash out their coins for real money, draining the liquidity pool from the exchange.
What happened to Squid Game and What is its Future?
As many of you know, the Squid Game cryptocurrency was founded by scammers. They took advantage of their community and inevitably pulled a string and made off with millions. Many people were devastated. Despite this devastation, many people have found a home in this previously destroyed community. This was partly with the intervention of BINANCE itself.
Developer addresses have been blacklisted and Binance has announced a pending investigation into the developers. Squid Game has now emerged as a decentralized cryptocurrency, with full community autonomy.
Bottom Line
The next time you invest in crypto, the most important thing to look out for isn't necessarily the price. First, figure out whether you can sell the coin after you buy it. If you can't sell—like the people who invested in SQUID discovered they can't—it doesn't matter how high the price goes. This article is about what is Squid token.
