Key Takeaways:
- Popular Netflix series Squid Game has announced the show's second season
- Several crypto tokens, many of them scams, have been created named after the show
- Despite the surge in their popularity, Squid Game tokens remain risky investments
YEREVAN (CoinChapter.com) — Squid Game is one of the most popular shows on Netflix. It crossed 1.7 billion streamed hours by the end of the first 28 days after its release in September 2021. The popularity of the show led some people to create a series of Squid Game crypto tokens, most of which (if not all of them), are scams.
In June 2022, the streaming platform announced that there will also be a Season 2 for the series. Ahead of the release of the new episodes, let us see if Squid Game crypto tokens are worth your investments.
How long will these Squid Game crypto scams last?
The popular South Korean Netflix series revolves around a deadly contest where over 450 people in deep financial hardship get killed while playing a series of deadly children’s games for a ₩45.6 billion ($35 million) cash prize.
While investing in altcoins inspired by the series may not necessarily kill you, it will, nonetheless, burn a huge hole in your pocket.
As CoinChapter reported last year, the founders of the SQUID token scammed investors of over $3 million. Many users raised the red flag that the developers had squandered the investors of their money after restricting withdrawals to pump the coin’s value.
Hours before the rug pull, the token had rallied over 310,000% to reach an all-time high of around $2.860 on November 1 before tanking to $0.0007926. This remains the token’s all-time low to this day.
Before the eventual crash, CoinMarketCap had also warned investors that the project’s website had become non-functional. It further clarified that the project is not affiliated with the NETFLIX series.
Despite the incident, the altcoin continues to trade in the crypto market. On September 14, SQUID displayed an impressive return. The token rallied by over 120%, jumping from $0.008949 to $0.0201 per token.
However, the price has since fallen. At the time of writing SQUID trades for $0.009395 per token.
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Despite claims, Squid Game 2.0 is not decentralized
In what makes a mockery of the crypto industry, there seems to be no end to the ridiculous tokens that smell of scams.
While the original SQUID token still runs under a new team, there is a fresh Squid Game 2.0 token that continues to attract gullible investors.
The token, which goes under the same ticker SQUID, trades for $0.0000002835 while writing, according to CoinMarketCap.
Unlike its predecessor, its founders have claimed the new knock-off project is decentralized, and hence, more trustworthy.
“As many of you know, the Squid Game cryptocurrency was founded by scammers. They took advantage of their community, and inevitably committed a rug pull and ran off with millions… We grow and now progress in developing a trustworthy currency with extraordinary potential. How you’re protected? You are protected because SQUID GAME is decentralized,”
the team claimed.
However, data on BSCScan reveals, that the token is far from being decentralized. One wallet holds over 44% of the total tokens in supply.
Besides SQUID 2.0, there are also other projects named after the series. These include Squid Game Token (SGT), and Baby Squid Game (BSG), among others.
As the famous abductive reasoning test suggests, “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.”
Everything we have seen so far from the Squid Games crypto fiasco looks fishy.
If you have not watched Squid Games on Netflix yet, by all means, do. But as far as the crypto market is concerned, stay as far from these tokens as you possibly can.
In the meantime, you can click here to find out which are the eight most crypto-friendly industries out there. The results will surprise you.
