Recently, a cryptocurrency called Squid Game Token made headlines when it quickly gained popularity, only to collapse in a scam known as a “rug pull.” PeckShieldAlert on X (formerly Twitter) has warned about the scam.
A fake Squid Game token was just launched on Base three hours ago, with the creator holding the most tokens. The price of the token has plummeted by 99%, which is a sign of a rugpull. This happens when creators sell their tokens once the price peaks. In this case, the price dropped from $0.1442 to $0.0000000000001269.
Cryptocurrencies, especially those associated with popular trends or big names, can attract attention, even when they have no real value. In this case, the Squid Game Token was heavily hyped, despite glaring red flags that suggested it was too good to be true.
It’s a sad fact that many people fall for these types of scams because they don’t take the time to research the project. This incident is a prime example of the dangers of FOMO (fear of missing out) and the role it plays in driving people to make hasty decisions with their money.
What Happened in 2021?
Squid Game Token was valued at $2,800 per coin in 2021 when a similar scam happened. But once the developers pulled the rug, the token’s value crashed, leaving investors with coins worth almost nothing. This dramatic drop was a stark reminder of how high-risk and unpredictable the world of cryptocurrency can be, especially when scams are involved.
The Squid Game Token scam is a wake-up call for anyone considering investing in cryptocurrency. It’s crucial to do your own research and not just follow the crowd. While the allure of quick gains is strong, it’s important to remember that scams like this are far too common.
