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November 1st 2021 - Another Cautionary Tale

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@drax.leo
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When dealing with the world of cryptocurrencies, it is good to be bold and embrace the new concepts and technologies, but only if such enthusiasm is tempered with common sense scepticism. In other words, if something is too good to be true it usually isn’t.

One of the more recent examples can be found in SQUID, cryptocurrency that was apparently inspired by Squid Game, South Korean television drama series that had recently gained reputation of the most popular show in the history of Netflix. The series inspired development of play-to-earn video game which was supposed to feature BSC-based token. Very few things were known about the developers and the game, which was to start in November, but this didn’t prevent speculative frenzy.

The token was launched on October 20th and soon had its value risen for more than 35,000 %. Combination of hype and greed, so common in bullish times like this, should have been clear sign to all experienced investors to think twice before they start this new adventure. Those who stayed out or, at least those who were wise enough to leave on time, have been rewarded by their patience by having been spared of another spectacular token price crash.

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