The social media accounts were also equally obscure and generally suspicious. As stated by Gizmodo, there was a medley of poor spelling, bizarre grammar and claims that are just hard to back up. People could use real money to buy these tokens, except, until very recently, there was no direct way to actually withdraw the money.Īdditionally, the white paper put out by the makers of coin looked less than convincing even though it tried to use all the buzzwords to look official.
Gizmodo actually noticed what could be considered an undeniable sign that there was something improper with the coin. But between October 26 and November 1, the coin soared by a mind-boggling 23 million per cent, going all the way up to $2,861.Įxciting growth! Except there was plenty of scepticism in the community after the number of meme coins that have emerged as scams in recent times.
When it was launched for pre-sale on October 20, it was going for a little over an American penny. Though the website itself was rather dubious, with improper English and plenty of signage to emphasise its association with the hit online series, the coin nevertheless took off.
Squeed coin series#
People who would buy the tokens would get to use them in online games apparently based on the series itself for a chance to earn even more SQUID coins. Indeed, the popularity of the show meant that mainstream media was actually discussing this meme, game coin even though hundreds of such new cryptocurrencies go unnoticed by the general public all the time. What this means is that the people behind the SQUID coin had a rather easy time marketing the whole thing. Well, to begin, this coin is based on the hit Netflix series Squid Game, a rather dystopic South Korean survival drama that revolves around indebted individuals playing children’s games to clear away their debt with deadly consequences for losing a game.īefore discussing the coin itself, it is important to note that Squid Game is Netflix’s most-watched series of all time. Not only does this mean a person can spend this cryptocurrency within the game, but they can also earn more of this cryptocurrency by making use of the play-to-earn model of these online games. Essentially, an online game, in this case, uses a game coin cryptocurrency as the in-game currency. You combine video games and cryptocurrencies. The idea of these coins is rather simple. They come and go, with their values being particularly volatile even for a cryptocurrency. Now, it is important to note that while meme coins can also be investments, they are generally treated and marketed more as cryptocurrency you buy for a good laugh. What are meme coins?Ī meme coin, very simply, is a cryptocurrency based on an online meme or joke like the Dogecoin, based on the somewhat popular Doge meme. But before sinking our teeth into this scam, let us go over two of the basic terms here. The real tragedy is that, by most measures imaginable, this coin was a rather blatantly suspicious enterprise that had all the obvious trappings of being a scam and yet, for whatever reason, people still brought into it.
Now, the tragedy of what has happened or allegedly happened in the case of the SQUID coin is not the fact that this is yet another crypto scam that serves to vilify the emerging cryptocurrency movement.
As many ‘crypto gurus’ are fond of pointing out, crypto scams are a dime a dozen, particularly when you start moving into the absurdity of meme coins and now ‘game coins’ such as SQUID.
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