Yeah, you saw the right thing, a squid game token. I know right? It sounded so ridiculous that a group of people felt it was a wise idea to invest in some sort of token whose name is sprung out from a tv show that aired few weeks ago on NETFLIX.
Have you watched the series Squid Game? Well if you haven’t I will have to give you a few details about it so you can understand the supposed Squid Game Token use case.
The movie goes this way, a life or death game was played amongst 456 people where they had to play a game that involved death if anyone lost. Out of the 456 players, only one person can be the winner and go home with the whole money. So it’s a winner takes all type of game. But no loser will come out alive.
The token use case was some how similar to that but death was not involved. There was supposed to be a lottery in which 456 token holders would be selected. The winner of the token was supposed to collect all the rewards. The use case also involved the token holders playing 6 games. For them to be able to participate in this game they needed to buy an entry fee which involved buying the squid game token. It was noted that the first game entry fee was 456 Squid Game Token, while the second game entry fee was 1,000 squid game token and so on. To get to the next round you need to win the previous rounds.
Quite catchy right? This was aimed at trying to convince the popular squid game fan into investing their money on the token. I will give it to the team behind the squid game token. Can you believe they set up an NFT market place for fans to buy NFTs representing the game in the show. Like they could buy tools used in the game, objects and characters.This was like putting a lot of sauce in convincing these gullible investors.
Everything you had to do on that game was tied around the token. Which made people buy it more. Thereby driving the price above 110,000% increase. And guess the mind blowing part? There was no way to sell 🤣😂🤣🤣🤣. I mean there were options to buy but no options to sell. Meaning that these investors were literally participating in the actual squid game but with their money not their lives. The token was created on the Binance Smart chain and listed on CoinMarketCap. It was stated on CoinMarketCap that anyone investing on the token should take extreme caution as buyers and holder of the token are unable to swap back the token on pancake swap.
There were too many red flags because everything pertaining the game involved buying a token and only one winner can take all. Buying the token wasn’t cheap either because in as much as a lot of greedy investors wanted to win by buying the token, the price was increasing because the demand was getting high there by driving the price to be so expansive. The price of the squid game token got to $2,800. Yeah, $2,800.
Few hours ago the team decided to drop some excuse pertaining the rug pull claiming the contract was hacked. Really?!!!
Well this was expected but wasn’t expected to happen so soon. The price has rugged from $2,800 to $0.0026 almost zero dollars.
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