This crypto scam might be the biggest rug pull in history. SQUID GAME CRYPTO SCAM! (Biggest CRYPTO SCAM in History?) Crypto News Today, crypto news, cryptocurrency scams, crypto scams, crypto rug pull, rug pull scam, NFT Scam, Rug pull explained, cryptocurrency for beginners, bitcoin, ethereum, cardano, solana, safemoon crypto, shiba inu crypto, elon musk crypto, play to earn crypto games, stablecoin, nft, nfts, alt coins, defi, decentralized finance, blockchain, finance, investing, NFTs, NFT Donut
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Hey what’s up guys! I just wanted to make a quick video talking about the recent squid game crypto scam explaining what happened and some key takeaways from this event In the wake of the SHIBA INU mania, a new token emerged known as Squid Game with the symbol (SQUID) The first thing worth noting here is the timing. Many people who felt like they may have missed out on SHIBA may have been experiencing FOMO when the opportunity to enter SQUID presented itself. I was actually considering purchasing some squid myself, because I had a feeling it would pump just due to the fact that it could become a high profile meme coin. Fortunately, I did a little research before YOLOing my life savings into SQUID. Firstly their “official website” squidgame.cash felt very unpolished. It appeared to have flaws in its design, spelling, grammar, and overall didn’t feel very reputable. It even made some bogus claims that Elon Musk tweeted about the Squid Game token. And that never happened. At this point, It’s safe to say that I had some red flags going off, but giving SQUID the benefit of the doubt, I didn’t resign in my research just yet. I gave SQUID a couple days to see some price action and I noticed something very strange. If you look at the SQUID price chart, it had a very odd appearance: The price action of SQUID appeared to have little to no volatility in the negative direction. The price of SQUID seemed only to increase with time. When looking at something like SHIBA INU, the price has some notable volatility in both directions. This lack of volatility in SQUID led me to believe that people were having trouble exiting their positions. Sure enough, reports started coming out that people were not able to exit their positions in SQUID. Essentially, the SQUID GAME project was just a big money pot that you could get into but not out of. And today, the rug was finally pulled, and the Squid Game creators made away with an estimated $2.1M, and possibly more. This caused the SQUID token price to drop 99.99%. Essentially, the creators just stole everyone’s money. I am terribly sorry if you lost some of your money from this scam. Whether you got rekt or not, here are some key takeaways so you can avoid getting scammed in the future: Number 1 EXAMINE THE WEBSITE: The squidgame.cash website was riddled with spelling errors, grammatical errors, and false claims. It also had a very incohesive design. These factors provided evidence that the SQUID token was not backed by a reputable team of creators. Number 2 EXAMINE PRICE ACTION: The SQUID price chart was very unnatural in its appearance. The almost exclusively steady, upward trajectory gave the appearance that people were not able to exit their positions. Number 3 RESEARCH: Pretty early on, CoinMarketCap released that various individuals reported they were unable to exit their positions, confirming our earlier suspicions And finally, Number 4 DON’T LET FOMO influence your trading Strategies. Removing emotion from trading allows for a systematic and planned approach to your investments. Thanks for watching! Please consider subscribing if you enjoy this type of content. You can always unsubscribe at any time if you change your mind. Have a wonderful day!
