If only there was a way to know about things before they happen. Or go back in time and, say, invest in Bitcoin when it was $0.08 (R1.23) per coin. We’re sure the few people who bought into $SQUID, the latest memecoin inspired by Squid Game on Netflix, feel the same after the coin lost pretty much all of its value in minutes.
Squid Game memecoin dies a meme death
To bring you up to speed, a group of unknown individuals with no connection or affiliation to the show or its creators, took it upon themselves to create a new memecoin called $SQUID because it’s 2021 and that’s what we do now, apparently.
Just an FYI, ‘memecoin’ refers to cryptocurrencies like ‘dogecoin’ or the newish, dogecoin-killer ‘Shiba Inu’ that are usually created as a joke and aren’t meant to be taken too seriously, unless you’re Elon.
In typical memecoin fashion, it peaked briefly at $2,856 before crashing to $0.0007926. If you want to know what that looks like The_Dent was streaming on Twitch when it happened.
— SimonZ (@SimonZawa) November 1, 2021
If it looks and smells like a scam…
The actual motivations behind the Squid Game coin were a little murky, to begin with. It was showing all the signs of a crypto scam which was all but confirmed with the crash, or what is known by the crypto community as a ‘rug pull’. The creators drained the wallets and receded into the digital shadow realm. The website no longer exits and the Twitter and Medium profiles disappeared. On coinmarketcap.com, you’re met with the message:
“We have received multiple reports that the website and socials are no longer functional & users are not able to sell this token in Pancakeswap. There is growing evidence that this project has rugged. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP.”
Smells like a scam to us.