The cryptocurrency market is difficult to predict due to its volatility, and many virtual coins have turned out to be a scam. Those who are not very knowledgeable about cryptocurrency and digital wallets know only two or three already famous crypto coins such as Ethereum and Bitcoin. However, a Netflix show, Squid Game, became very popular worldwide. An anonymous entity created a Squid Game virtual coin inspired by the South Korean TV show and launched it a couple of weeks ago.
It seems that many people got excited and bought virtual coins. According to news reports, the anonymous creator of the Squid Game crypto coins sold the holding, and the value of the coin crashed and reached $0.
The Squid Game coins raised a red flag to crypto connoisseurs
Some websites mentioned that the coin had been created in a suspicious way. For example, the Squid Game tokens could be bought, but they could not be sold. That meant the only other transaction possible was to cash out.
Apparently, the official website of the crypto coin had grammar mistakes and looked like it was made in a hurry. The social media accounts did not offer the option for other users, apart from the creator, to comment on the posts.
It is not known what else will happen with the token after its developer did the rug pull. The website and the social media accounts are non-functional or the moment. Those more experienced in the cryptocurrency world advise everyone to perform a background check on any cryptocurrency. Asking for help and advice from other people is always a good idea.
It is not easy to understand everything about cryptocurrencies and their technology; however, some have been stable for almost ten years and are already collaborating with banks and other entities, making them more predictable and stable.