The cryptocurrency market is booming right now and citing the same, we have seen various new cryptocurrencies show up in the recent past. Although investing in cryptocurrency is really risky, people are still putting their money in several of them, expecting high returns. However, the most dangerous thing that several investors are doing right now is investing their hard-earned money in newly launched cryptocurrencies named after popular TV shows that are obviously scams.
Now, starting with the first of many red flags, hinting that the $SQUID coin is a sham, is the fact that investors are able to put their real money to buy the $SQUID coins but there is no real evidence that they can ever withdraw their money.
Furthermore, the official website includes a fake endorsement from Elon Musk, who was actually talking about the Netflix show instead of endorsing the Squid Game cryptocurrency. Plus, as per the website, the potential scammers are also aiming to release a Squid Game-based “game” soon via a dedicated tab on the site. Moreover, there is a marketplace to buy Squid Game-themed digital items using Ethereum or Polygon.
Now, coming to the value of the $SQUID coins, it has been skyrocketing since its launch. The value of one $SQUID coin is $13.69 (~Rs 1,031) as of writing this article, and it has been rising at an increasing rate. For instance, the value increased by 138.82% in the last 24 hours.
So, why are people buying this cryptocurrency that looks like an obvious scam? Well, one of the primary reasons might be the name of the cryptocurrency that is based on the uber-popular Netflix series. Furthermore, the entire theme of the Squid Game-inspired crypto is luring fans from across the globe to invest in it. However, with reports from reputable media houses such as BBC, Business Insider, and others, hinting that it is a scam, it would be best if you stayed away from this $SQUID coin.
