Don’t Get Rugged by Squid Game Token Again

Amidst Squid Token’s revival, caution prevails as history of scams raises skepticism despite renewed cultural interest in cryptocurrency.

Squid game girl counting down, as a man ready to eleminate her waits behind.
Created by Gabor Kovacs from DailyCoin
  • The Squid Game token has resurfaced with questionable intentions.
  • Broader cultural trends have reignited interest in this controversial cryptocurrency.
  • The renewed interest has hinted at the potential risks and the need for caution.

The cryptocurrency market’s tendency to mirror broader cultural trends is once again evident in the recent resurgence of the Squid Game token (SQUID). Initially launched in late 2021, SQUID gained notoriety for its dramatic crash and the ensuing scandal surrounding its developers. 

Squid Token Back After Historic Scam

Despite its checkered past, the token is now experiencing a notable uptick in trading activity, prompting investors to reexamine its potential. SQUID’s initial surge in popularity was swiftly followed by a precipitous decline of over 99.99%, leaving many investors with substantial losses. 

This downfall was attributed to a ‘rug pull‘ by anonymous developers who reportedly disappeared with approximately $3.4 million, as per BscScan transaction records. This incident marked one of the most significant scams in crypto history and left the SQUID token in disarray.

However, recent developments have brought SQUID back into the limelight. With the announcement of ‘Squid Game the Challenge,’ a reality competition show inspired by the popular Netflix series, SQUID has experienced a renewed surge in trading activity. 

Trying to Ride the Hype

This timing has undoubtedly piqued the interest of traders and investors, reigniting curiosity about the token’s prospects. While the token’s future remains uncertain, its recent resurgence underscores the cryptocurrency market’s sensitivity to broader cultural trends. 

A statement about SQUID on CoinMarketCap.
A statement about SQUID on CoinMarketCap. Source: CoinMarketCap

The show’s connection to the token’s theme has undoubtedly played a role in its renewed popularity, demonstrating the power of cultural influence in shaping market sentiment.

On the Flipside

  • The resurgence of SQUID after its notorious crash and developer scandal raises red flags among industry experts, who view its revival as a concerning sign given its tainted history as a scam token.
  • The token’s resurgence tied to external events like ‘Squid Game the Challenge’ is a deliberate attempt to lure unsuspecting investors.
  • Despite any apparent short-term enthusiasm, it’s crucial to acknowledge SQUID’s history as a scam token.

Why This Matters

The resurgence of SQUID amid its past scandal unveils the volatile nature of the crypto space. This event highlights the susceptibility of investors to market hype and the importance of due diligence in navigating such risky ventures within the cryptocurrency landscape.

To learn more about identifying cryptocurrency rug pull scams, read here:
How to Spot a Crypto Rug Pull Scam

Curious about the Shiba Inu lead dev unmasking a copycat amidst increasing Twitter scams? Read here for details:
Shiba Inu Lead Dev Unmasks Copycat Amid Rising Twitter Scams

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.