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Is Squid Game the biggest pump and dump in crypto history?



On Monday morning, the price of the new cryptocurrency SQUID experienced a dramatic drop. The token fell from $ 2,856 to just $ 0,0008 in 5 minutes. Many have questioned whether this is the largest "pump and dump" in the history of cryptocurrencies.

The dramatic crash follows a period of highs during which the token looked promising to investors. Just yesterday it was reported that Squid was up 45,000% and trading at $ 4.5.

Now it seems the squid hype is over. The developers behind the crypto project reportedly disappeared after the price dropped to near zero. After the crash, the project's Twitter and Medium accounts were closed, leaving investors largely in the dark.

Is it the biggest pump and dump in crypto history?

The dramatic fluctuations in price at SQUID occurred within a few days, and the price crash occurred within just 5 minutes. The crash was the result of a so-called “pump and dump” scam, in which the developers of the project ripped off investors. In the crypto world, it is known as “rug pull”. It is a scam in which the developers make a run for the money from investors.

SQUID isn't the only token that has pumped and dumped investors. In the past, numerous tokens took the market by storm with a false hype before suddenly falling due to a rug pull.

SaveTheChildren scam

In July, four members of the FaZe clan participated in a pump and dump with a token called SaveTheChildren. The four professional players, together with a number of influencers, advertised the token among their large fan base. Once the price peaked, they began selling their tokens, making an estimated $ 30,000 each in the process. During the "dump" the coin fell by 60%.

SafeTrade

Another coin that investors missed out on was SafeTrade. When it was released, the coin was marketed as safe, but when people started investing in the coin, the organizers sold all of their coins and dropped the price.

SQUID is not the first scam of its kind on the market, but it could well be the biggest. The price of the token fell several thousand percent and crashed in the shortest possible time. SaveTheChildren's crash happened throughout the month of June - a long time compared to SQUID.

How do you recognize pump and dump?

Unfortunately, such methods are not illegal with cryptocurrencies. This means that scams are a regular occurrence in the market. The easiest way to spot a pump and dump scam is to keep an eye out for unknown coins that are suddenly increasing in value. If an unknown coin spikes sharply in a matter of minutes, it could indicate a crypto scam.

Another indication of pump and dump is paid advertisements. If you see large advertising campaigns for an unknown coin on social media, it could be an indication of a pump and dump. It is best to be very careful if you notice these signs.

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