Squid Game Crypto Gains 80,000% In Week, New Shiba Inu Or A Scam?

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Last Updated on 31 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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A new crypto coin called Squid Game is making headlines all over the world, getting mentioned both in the US and UK press. It has gained some 80,000% in a week, but apparently users are unable to cash out. Could this be the new Shiba Inu or is it a scam? Let’s have a look.

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Korean Netflix Series

As we’ve said already a few weeks ago, unless you were hiding under a rock for the past month, don’t read the news or are unlisted on any social media, changes that you’ve heard of the popular Netflix series Squid Game are pretty high.

The series topped streaming services in all major countries in Asia, Europe and North America, making global stars out of its cast. The female lead, Jung Ho-Yeon, who plays a North Korean defector and thief (known in the series as number 67), quickly became a fan favorite and now boasts 16 million followers on social media. She even landed a Louis Vuitton ambassadorship.

Crypto quickly followed suit and created several coins related to the series. The latest coin comes with a heavy-handed warning though. SQUID has gained some 80,000% in a week and received media covering from BBC News, The Independent and Fortune. However, there are already multiple reports warning buyers about a possible scam token.

Ranking site CoinMarketCap issued an official warning on the token’s page, stating:

We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.

The token is only available on the PancakeSwap platform and could easily be a copy of any other token.

Netflix itself denies being affiliated with the coin and social media claims that the missing of Linkedin profiles or any other recognizable features for the founding member of the coins are serious red flags. Beware before buying we would say.