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Home » News » Netflix’s Popular TV Show Squid Game Now Has a Cryptocurrency

The cryptocurrency market is now booming, and as a result, we’ve seen a slew of new cryptocurrencies emerge in recent months. Despite the fact that investing in cryptocurrencies is extremely dangerous, many people are still doing so in the hopes of making a profit. The riskiest thing that a number of investors are doing right now is putting their hard-earned money in freshly released cryptocurrency-themed after popular television shows that are clearly hoaxes.

The new Squid Coin, which debuted recently in the market, is one such cryptocurrency. Since its introduction, the latest crypto coin, named after the wildly popular Netflix comedy Squid Game, has seen a 2,000 percent surge in value. However, according to multiple sources, the Squid Game cryptocurrency is a hoax, and there are numerous red signs to prove it.

How Is CryptoCurrency Squid Is a Scam?

The fact that investors can use their real money to buy $SQUID coins, but there is no indication that they can ever withdraw their money, is the first of many red flags pointing to the $SQUID currency being a hoax.

It’s because, unlike legitimate cryptocurrencies like Bitcoin, Ethereum, and others that can be traded on trusted crypto exchanges like Binance and Coinbase, the Squid Game cryptocurrency employs a Pancake Swap service. Although the service facilitates transactions, none of them are guaranteed. Furthermore, Coin Market Cap has issued a warning that anyone who purchased $SQUID will be unable to cash out their assets.

The cryptocurrency’s activity on social and online platforms is another warning sign. To begin, the official Squid Game cryptocurrency website was launched on October 12th. Although the website appears legitimate, with a white paper and an audit section, the so-called white paper contains several grammatical and spelling issues.

Furthermore, the official website features a phony endorsement from Elon Musk, who was promoting a Netflix show rather than the Squid Game coin. Furthermore, according to the website, the suspected scammers plan to create a Squid Game-based “game” via a dedicated tab on the site soon. There’s also a marketplace where you can buy Squid Game-themed digital products using Ethereum or Polygon.

Why Are People Still Buying It?

When it comes to the $SQUID coin’s value, it has been soaring since its debut. As of writing this post, the value of one $SQUID coin is $13.69 (Rs 1,031), and it is steadily increasing. In the last 24 hours, for example, the value has climbed by 138.82 percent.

So, why are people buying this cryptocurrency that appears to be a blatant rip-off? One of the main reasons could be the cryptocurrency’s name, which is based on the wildly famous Netflix series. Furthermore, the Squid Game-inspired crypto’s overall premise is drawing enthusiasts from all over the world to invest in it. However, with allegations from reputable news organizations such as the BBC, Business Insider, and others implying that it is a hoax, it is recommended to avoid this $SQUID currency.

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