Netflix’s Squid Game is taking the world by storm, including the digital currency market. Squid Game ($SQUID) cryptocurrency is a pay-to-earn token that draws inspiration from the eponymous streaming series. It shot up by more than 75,000% in a matter of days, before plummeting down to the ground in a matter of minutes. With the Squid crypto price left in tatters, will the valuation increase again? Here’s the lowdown on the future prospects of the Squid Game altcoin.
Will Squid Game crypto price go up?
The Squid Game crypto price could increase again, though digital currency traders should avoid investing. Squid Game ($SQUID) tokens are a pump and dump scam, proving the altcoin to be an unsafe investment.
From the offset, some were able to identify that Squid crypto was a scam. Gizmodo quickly noted date discrepancies and spelling errors as telltale signs of an underhanded scheme, with those suspicions later being proven correct. Frenzied buy-ins as the price rose to new heights would massively inflate the price; at this point, the developers pulled the rug out from under investors and made off with more than $2 million.
Holders are now left with near-worthless tokens, plus the price isn’t likely to rise and offer a return on their investment. While it’s unfortunate, this isn’t the first and probably won’t be the last time that it happens. Due to the anonymous nature of crypto and the lack of policing — both by design and as a result of it being a new technology — this will likely remain a danger for the foreseeable future. Always consider digital currency investment opportunities carefully, not succumbing to FOMO as new altcoins climb.
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