Squid Game Token Rises 6700% in a Week: Is This a Scam?

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On December 26, Netflix (NASDAQ: NFLX) launched the second season of 'Squid Game', reigniting people's obsession with this popular Korean drama and leading to the emergence of several new cryptocurrencies themed around 'Squid Game'.

Among many tokens, Squid Game (squidgame.top) SQUID stands out with massive gains.

According to Finbold, data retrieved from CoinMarketCap on December 30 shows that the token has risen more than 6,700% in the past week, trading at $0.0001203 after soaring 300% in the last 24 hours.

It is worth noting that despite SQUID's dubious history, it is part of a wave of tokens aimed at profiting from pop culture phenomena.

Squid Game Scam Issues

The Squid Game token first gained popularity during the first season of the show in 2021, with some tokens initially skyrocketing in price before crashing, identified as a 'rug pull' scam.

In one case, the developers suddenly abandoned the project, leading to investor losses as the token's value plummeted to near zero within minutes.

Following this collapse, Binance investigated the SQUID token crash of 2021, labeling it a possible scam. The exchange noted that projects related to high-profile pop culture phenomena often exploit the resulting hype to lure unsuspecting buyers into risky or fraudulent schemes.

Analyzing the Legitimacy of Squidgame.top

The Squidgame.top token was launched on December 26 (the same day the new season started), raising suspicions of a possible repeat of the 2021 scam.

Interestingly, the cryptocurrency scam detection platform Token Sniffer's analysis of the token indicates potential signs of fraud.

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