Today, I’ll be reviewing the one of the latest tokens in “crypto token town”. The truth is that I have been seeing this token for a while now, but for some reason, I haven’t given it enough attention.
If you are curious or perhaps you about to buy the squid game token, but you want to know if it’s legit or a scam token? You are covered. I have done the necessary investigation, on your behalf. All you need to do is read through this article. I promise you that you’ll make a buying decision after reading this article.
I always say this in my article, I’ll like to let you know that, I’m not a banker or a financial expert. I will not be held responsible for your financial decision or indecision. This article is just a guide and nothing more.
Are you Ready? Let’s Go!
A little about the Squid Game token.
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 squid game project is limited to informing us that the token was created by an anonymous fan of the Netflix series.
Less than 3 weeks ago, the objective of the Squid game token was to allow
“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 above is a shitcoin classic. Usually, when a coin has nothing to offer, it makes weird claims to reward investors with a certain percent of established coin, from time to time )
They went on to explain their plans and promise to 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.
Today, being 28 October 2021, the quoted part have that have apparently changed.
How has it changed, I hear you ask?
The thing is, when I’m looking at or investigating a new, unfamiliar tokens and crypto projects, I look out for certain things. One of them is the white paper.
Squid game’s White paper
Today’s Squid game token’s white paper is sort of a different from what it used to be 3 weeks ago. Listen to them describe what the Squid game is about now in their whitepaper
“The Squid Game project is a crypto play to earn platform inspired by the Korean hit series on Netflix about a deadly tournament of children’s games. There is no longer dystopian world where a mysterious organisation gathers people who are in large amounts of debt and “living on the edge”. Rather than 456 players drawn from different walks of life but each deeply in debt chosen intentionally by the organizers in the drama, everyone here in crypto world can participate in the Squid Game with SQUID token or related NFTs in our marketplace”
Squid game in a matter of few days has radically metamorphosed into a game. A “play to earn” project.
A project that can change direction this quickly cannot be trusted with money. I personally think that those behind the Squid game token realised people would take them more serious, if they presented themselves as an actual game project. Them becoming who they say they are is an after thought.
The fact that, all their projects are yet to launch is another a big warning sign
The below screen short, from a YouTuber supports my assertion.
I think their biggest selling point is their website. It looks really convincing. With it sleek design and beautiful lay out. It’s one of the neatest website around. But the legitimacy of token cannot be decided based upon a the look of its website. The web designer need to rewarded handsomely, though.
While Squid game website has a links to other social media platforms, like twitter, telegram, Instagram. I noticed people aren’t allowed to air express themselves on these platforms, as the comment sections are switched off.
This is a big red flag. As it suggests, people behind the squid game token are hiding something.
Using the poocoin.app, and the binance smart chain scanner website, I checked the liquidity pool of squid game token.
This is what I found out
The liquidity pool as at the time of writing is a meager 413.70 BNB, which is equivalent to $197,317 as at 27rd October 2021. As at the time of writing I couldn’t confirm if the liquidity pool was locked or not. The Squid game token liquidity pool has a total number of 2 wallet addresses connects to it, one apparently is a burn address with nothing, the other holds 100 percent of the funds provided in the liquidity pool. In my opinion, this isn’t a healthy liquidity pool. This is a no, no for me.
On squid’s game twitter account, they celebrated moving from 100,000,000 to 800,000,000 market capitalization under 9 hours.
Howeverer, poocoin.app still has their market cap below a $90,000,000 mark as of the time of writing this article.
This indicates duplicity and market manipulation to me.
Developers behind the coin
The team behind the Squid game token are nameless and faceless. If the project had the capacity to fulfil it big claim, I’m sure the developer will likely be proud to show themselves.
A serious project that actually is in for the long term, them not having a known entity is a big red flag.
What people are saying about the coin
I also looked out for what early ‘investors” are saying about the squid game token.
Here’s are comments from people who bought the coin.
In conclusion, Squid game token has all the character and persona of a scam coin that is susceptible to a rug pull. Many people are complaining that they can’t sell.
They most probably have been rug pulled.
If you are thinking about getting or holding this token after reading this review, your might need some psycho medical help.