SQUID Token Game over.

In the world of cryptocurrencies, there is always the thought of easy money, magic internet money that can make anyone rich, but it is precisely this way of thinking that there will always be thousands and thousands of cryptocurrency scams. One of the latest and most incredible ones was the total fall of the SQUID token, a coin inspired by the most successful netflix series Squid Game. A token that had a huge rise of 75000% and only 5 minutes later had a very violent fall.

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The creators behind this coin, argued that the token was based on the popular series and that it consisted of a play2earn game where the winner takes all, and the marketing strategy worked to perfection as 4 days after being created it went from $0.02 to $32 and after increasing popularity all over the internet, the cryptocurrency rose from $38 to $2856 the same day, only to fall to $0.0008 5 minutes later.

The sweet trick was for those who bought the coin and could not sell it when they were starting to see profits, as the founders of SQUID argued that holders could not sell their tokens because they had implemented an innovative "anti-dumping technology" that limits people from selling their tokens against lower demand. But the most illogical thing of all is that the people who invested trusted what the creators of the coin said that the more people join, the larger the reward pool will be. In addition to other tricks such as that they were affiliated with Coingecko and that they were partners of the Netflix program.

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DYOR DYOR AND MORE DYOR

And it is at this point were again and again people are urged to do proper research before investing in any cryptocurrency, for example, it was verified that this token was not affiliated with the netflix program, also all support channels such as telegram and discord were closed, the creators had no Linkedin profiles and comments on twitter posts were blocked.

Even CoinGecko co-founder Bobby Ong argued that the claims of the creators of the SQUID token were false, as they did not pass the listing criteria for the token to have a place on CoinGecko, and on CMC there was a clear announcement that read: There is growing evidence that this project has been difficult. Please do your due diligence and be very careful. This project, while inspired by the Netflix show of the same name, is NOT affiliated with the official IP.

Despite so many warnings why did so many people get hurt?

2 things, lack of research and greed. Since the feeling of becoming a millionaire investing almost nothing is very popular these days, this is reflected in other tokens like SHIBA and FLOKI, where greed and risk are what make it fluctuate violently.

Besides, the dynamics of the game made many even more entangled, since to sell your SQUID tokens you had to play the game, the minimum investment was 456, if someone had less than that he had to buy more and if the price had exceeded the dollar or $10, the investment would be higher and higher, and not only that, those who paid the initial fee of 456 SQUID could lose it all or win.

So those who invested with a view to winning had only 2 options before them, buy the token at a high price and lose it because they could not sell it because of the anti-dumping system, or take the risk and pay the entry fee of 456 SQUID and play for a 50% chance of losing or winning. But even those who paid the fee didn't get anything either as the developers ran away with the investment fund and closed the website.

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Instructions said over and over again

To avoid carpet pulling it is necessary to heed what is constantly advised before making any investment. First do thorough research before investing any amount of money, for example, research who the creators are, what the project is about, the tokenomics, the audits, check the whitepaper, the official channels, check if they have anything to do with any past fraudulent project, check where you can buy and sell the coin, on which market indicators it appears, obviate all the FUD news that only want to gain views. And if you have already done all the above constantly keep an eye on everything that happens or is said on the official channels.

Currently, many projects promise a lot of money for nothing or almost no investment, and they will always come in new names that supposedly sound legitimate, but it is necessary to do proper research to avoid risks and avoid elimination.

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