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Abstract

tarted to rise again after it lost more than 99.99% of its value.</b></p><p id="153f"><b><i>After the coin has been revealed to be a scam.</i></b></p><p id="9f6a"><i>What’s going on?</i></p><figure id="6ee1"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*r-DWJnKvOzvv7HuaQO-TCw.png"><figcaption>Squid Game Token Rises… Why? (Source: <a href="https://coinmarketcap.com/currencies/squid-game/">https://coinmarketcap.com/currencies/squid-game/</a>, retrieved UTC 02:10, Nov 6 2021)</figcaption></figure><p id="1883">What is causing the price to go up? Are the developers pumping their own token to set up the second rug pull?</p><p id="3f71">Are people really still buying this? Why would anyone buy something that’s already been shown to be a scam? Are people getting a kick out of pushing the boundaries and seeing how far they can risk it? Or are they simply unaware that the token was a scam?</p><p id="f02c">It amuses me that people will want to speculate in something proven to be a scam.</p><p id="146f"><b>The key lesson for me is that: It just goes to show that hype, sentiment, social media trends, and fear of missing out (FOMO) and just plain ignorance is the key driver of so-called <a href="https://medium.datadriveninvestor.com/what-is-a-meme-coin-or-token-6-clear-signs-to-help-you-identify-one-f4d8744b9e58">meme tokens</a>.</b></p><div id="0711" class="link-block"> <a href="https://medium.datadriveninvestor.com/what-is-a-meme-coin-or-token-6-clear-signs-to-help-you-identify-one-f4d8744b9e58"> <div> <div> <h2>What is a Meme Coin or Token? 6 Clear Signs To Help You Identify One</h2> <div><h3>At the core of every meme token is viral marketing.</h3></div> <div><p>medium.datadriveninvestor.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*EmVPs2KcKbCGNqTQ)"></div> </div> </div> </a> </div><p id="8f5e">People are <i>gambling </i>on meme tokens without even doing sufficient research i

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nto cryptocurrency and DeFi.<i> <a href="https://readmedium.com/5-reasons-why-you-have-no-business-buying-floki-inu-5a049e003fd6"></a></i><a href="https://readmedium.com/5-reasons-why-you-have-no-business-buying-floki-inu-5a049e003fd6">Which is why, I strongly believe that most people have no business to be buying meme tokens.</a></p><p id="f7e4">Due diligence is likely the last thing on the minds of people when they put in <a href="https://www.cnbc.com/2021/11/02/squid-game-token-cost-one-investor-28000-after-coin-plunged.html">their life savings to buy meme tokens like this</a>.</p><p id="f7d0">Since the smart contract of the Squid Game Token is <b>an upgradeable contract</b> based on the <a href="https://www.youtube.com/watch?v=zkBQF9QJLHY">analysis of Tech Lead</a> — a popular tech-turned-crypto Youtuber — in theory, the developers of Squid Game Token could engineer another rug pull.</p><p id="2dd3"><b>I would stay far, far away from this token. Be very cautious.</b></p><div id="0aaf"><pre>Disclaimer: This is<span class="hljs-built_in"> not </span>financial advice<span class="hljs-built_in"> or </span>legal advice. Please do due diligence<span class="hljs-built_in"> and </span>consult a financial<span class="hljs-built_in"> and/or </span>legal professional before trading in any digital<span class="hljs-built_in"> and/or </span>non-digital assets.</pre></div><div id="40ba"><pre>Disclosure: At <span class="hljs-keyword">the</span> <span class="hljs-built_in">time</span> <span class="hljs-keyword">of</span> writing, <span class="hljs-keyword">the</span> author is <span class="hljs-keyword">a</span> holder <span class="hljs-keyword">of</span> several cryptocurrencies/</pre></div><p id="b4ca"><i>The author writes on a wide variety of topics. His key topics are Japan, society, culture, modern work, and cryptocurrency. Discover his most-read stories <a href="https://readmedium.com/hi-im-alvin-b2e27849a944">here</a>.</i></p><p id="18a4"><i>If these topics interest you, consider <a href="https://medium.com/@alvintwrites/subscribe">subscribing to receive new stories from the author via e-mail</a>.</i></p></article></body>

Traders Are Still Buying This Crypto Scam — What’s Going On?

Some people really deserve to lose their money.

Scam but people want to continue buying anyway! (Photo by Tara Winstead from Pexels)

A few days ago, I wrote about the dramatic story of Squid Game Token, which, after rocketing an incredible a +45,000% (actually, it was a total of +110,000%), was revealed to be a scam in a massive rug pull.

Developers “rugged” the project and made off with 3.3 Million USD worth of Binance Coin (BNB), using Tornado Cash to cover their tracks, and leaving retail investors completely fleeced.

You can read about my original post.

If a Crypto-Token Goes up 45,000% Within a Few Days You Can Be Damn Sure It’s a Scam

Squid Game Token isn’t the first cryptocurrency scam and it won’t be the last.

medium.com

Now, what’s even more incredible is the fact that this token has started to rise again after it lost more than 99.99% of its value.

After the coin has been revealed to be a scam.

What’s going on?

Squid Game Token Rises… Why? (Source: https://coinmarketcap.com/currencies/squid-game/, retrieved UTC 02:10, Nov 6 2021)

What is causing the price to go up? Are the developers pumping their own token to set up the second rug pull?

Are people really still buying this? Why would anyone buy something that’s already been shown to be a scam? Are people getting a kick out of pushing the boundaries and seeing how far they can risk it? Or are they simply unaware that the token was a scam?

It amuses me that people will want to speculate in something proven to be a scam.

The key lesson for me is that: It just goes to show that hype, sentiment, social media trends, and fear of missing out (FOMO) and just plain ignorance is the key driver of so-called meme tokens.

What is a Meme Coin or Token? 6 Clear Signs To Help You Identify One

At the core of every meme token is viral marketing.

medium.datadriveninvestor.com

People are gambling on meme tokens without even doing sufficient research into cryptocurrency and DeFi. Which is why, I strongly believe that most people have no business to be buying meme tokens.

Due diligence is likely the last thing on the minds of people when they put in their life savings to buy meme tokens like this.

Since the smart contract of the Squid Game Token is an upgradeable contract based on the analysis of Tech Lead — a popular tech-turned-crypto Youtuber — in theory, the developers of Squid Game Token could engineer another rug pull.

I would stay far, far away from this token. Be very cautious.

Disclaimer: This is not financial advice or legal advice. Please do due diligence and consult a financial and/or legal professional before trading in any digital and/or non-digital assets.

Disclosure: At the time of writing, the author is a holder of several cryptocurrencies/

The author writes on a wide variety of topics. His key topics are Japan, society, culture, modern work, and cryptocurrency. Discover his most-read stories here.

If these topics interest you, consider subscribing to receive new stories from the author via e-mail.