According to CoinMarketCap, shitcoin created by an unknown team began circulating on Wednesday (13) with a debut price of $0.000047. In less than 24 hours, Squid Games has valued 340% and hit an all-time high of $0.0023. This Thursday (14), the token drops to $0.0019, but still accumulates gains of 172% for the day.
SQUIDGAMES-style shitcoins, which emerge without clear foundations and with the sole intention of exploiting hype for their own benefit, fit well with the South Korean screenwriter’s critique. It has become commonplace in the crypto market for currencies to hide in memes to attract investors. Most of the time, anonymous project owners who own most of the tokens inflate their price and, when it reaches a peak, they liquidate everything in the market, causing the asset to fall and leaving thousands of small investors at a loss.
International Squid Games (SQUIDGAMES) is a cryptocurrency based on Binance Smart Chain’s BEP-20 standard, with a finite supply of 1 billion tokens.
The official website of the project is limited to informing that the token was created by an anonymous fan of the Netflix series with the objective of allowing “ANYONE and EVERYONE to become VERY RICH without compromising their lives”. In order for the money to start “falling from the sky”, the project says that all the user needs to do is buy the token and hold it in their wallet to receive rewards of up to 7% in the form of the Axie Infinity cryptocurrency (AXS). The team behind shitcoin follows through on dubious promises saying they will soon launch a staking service, an NFT marketplace and a play-to-earn game inspired by the children’s games featured in the original Squid Game.
What do you guys think of this?