THELOGICALINDIAN - The Squid Game cryptocurrency called afterwards the admired Netflix alternation of the aforementioned name was the allocution of the crypto amplitude for the one anniversary it was in operation It bound acquired acceptance amid shortterm holders absorbed in quick assets The acceptance of meme bill like Shiba Inu and Dogecoin with no account but massive allotment helped the badge accretion a afterward as investors are consistently on the anchor for the abutting 10000x gains
Squid played appropriate into the acquisitiveness of investors who were attractive to accomplish big assets in the bazaar in a abbreviate bulk of time. However, an absorbing affair about the crypto was its bright admonishing from the alpha from the developer. Somehow, investors had absent (more like ignored) all of the admonishing signs that came with the shitcoin. What was a bright betray from the alpha still managed to accomplish off with at atomic $3 actor of investors’ funds. How?
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Inability To Sell
The Squid Game aggregation declared this advertise brake as an anti-dumping mechanism. In reality, it prevented holders from actuality able to get rid of the SQUID tokens that they held. It is absolutely simple; if bodies can’t sell, again they can’t dump the coins. Leaving the developers in a position area they are the alone ones who can abide from the project. Somehow, investors absolutely abandoned this audacious red attention assurance that said scam.
There was a aberration to affairs though. Seeing as preventing holders from actuality able to advertise ability be too obvious, developers of the activity put a accident in a abode area holders can advertise their coins. To advertise SQUID tokens, users would additionally accept to authority addition badge alleged Marbles. Affairs bristles Marbles would acquiesce a holder to advertise one SQUID. However, the Marbles were added big-ticket than the SQUID tokens, which agency that holders could not advertise after demography a loss.
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As time went on, the cardinal of Marbles appropriate to advertise one SQUID increased, extensive 20 Marbles for a distinct SQUID by the time the activity came abolition down. This fabricated it so holders could not abide the activity if they capital after accident a cogent allocation of their investments.
The Squid Game Whitepaper
Do your own analysis (DYOR) is a accepted adage in the crypto amplitude and it is not said lightly. Before advance in a project, investors are brash to accomplish abiding that they accept appropriately researched it. These accommodate things like attractive at the website, the roadmap, and added importantly, the Whitepaper. In this case, the Squid Game Whitepaper was a asleep betrayal that it was a scam.
Firstly, the Whitepaper was riddled with spelling and grammatical errors which were acicular out in assorted publications. A added abysmal dive into the Whitepaper apparent alike added bright absorbed on the allotment of the developers to exit-scam its investors. Just like the admired Squid Game series, there can alone be one winner, and that is the developers.
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The developers said in the Whitepaper that they advised to betray investors with the activity and yet no one listened. In the amplitude of a week, the amount of the bread grew from a bare 1 cent per SQUID to $2,800 per SQUID at its aiguille afore the crash. The rug cull that followed saw the developers accomplish off with at atomic $3 million, with others claiming that they ability accept gotten abroad with as abundant as $10 million.
One of the capital factors abaft falling for scams is greed. Investors who appetite fast allotment on their investments are added acceptable to abatement for scams like Squid Game. As adumbrated by the Fear & Acquisitiveness Index, the bazaar had hit a one-year almanac on the calibration back the bazaar went into acute acquisitiveness aftermost week. This had propelled investors to put added money into shitcoins in hopes to get massive allotment quickly.
SQUID seemed to accept provided this as the badge had developed over 1,000% in the aboriginal few canicule afterwards release. For a second, the absolute bazaar cap of SQUID hit over $2 trillion, allusive the absolute bazaar cap of the crypto market. However, users were ashore clumsy to advertise off their holdings. Investors absent millions of dollars to the project, with one user claiming that they had put their activity accumulation in the token.
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The rug cull has larboard in its deathwatch sadness, anguish, anger, but aloft all, lessons. Hopefully, this is a wake-up alarm for investors back advance in projects that over-promise. As the adage goes, “if it is too acceptable to be true, again it apparently is.”
At the time of writing, the Squid Game website is gone, forth with its amusing media accounts. The Whitepaper is no best attainable and the badge has comatose bottomward to $0.
