Squidanomics Battles on in Shadow of Squid Game Rugpull

The viral hit TV show Squid Games spawned a number of copycat crypto projects, but following the Squid Game rugpull the remaining projects have had to battle serious FUD.

Crypto Games

It is less than a month since BSC News first reported on the crypto copycat projects attempting to cash in on Squid Games’ success. In our reporting, we named four projects attempting to leverage the popularity of the Squid Games TV show: Squid Game Protocol, Squidanomics, International Squid Games and Squid Games BSC. 

When Squid Games BSC rugpulled its users, just two weeks later most of the positive associations of the Squid Game brand vanished overnight. The remaining Squid Game projects have had to battle against the negativity caused by Squid Games BSC. Squidanomics is attempting to deal with the controversy head-on.

“Despite the Fear, Uncertainty, and Doubt (“FUD”) caused by a sham project with a similar name, Squid game Tokens, Squidanomics continues to grow and exceed expectations,” said Squidanomics in a sponsored Coinspeaker article on November 12th. “The commitment of the core team and the entire community indicates that the gaming platform may be around for a long time,” they added.

One of the things that Squidanomics has done to attempt to restore faith is to publicly doxx  (identify) their team to their community. Three of the developers behind the project, Jake Young, Christopher Campbell, and Tye Beach, have made their true identities known. 

While the doxxing may be to the greater good, the project is engaged in activity that more serious projects and investors might look down upon. For instance, in a Twitter post on November 14th the project posted a SQUID/BNB price chart with a big green upwards arrow to indicate future upwards price movement. This kind of behavior is something that more serious projects tend to avoid.

The post reflects the difficult line Squidanomics must now walk between self-promotion and other activities, such as product delivery, which it hopes can establish long-term viability and credibility.

Problems and Solutions

Squidanomics is not the only project now battling with the problems caused by Squid Games BSC. Squid Games Protocol (SGPRO) is another project dealing with the fallout caused by scam. 

A Medium post made on November 4th and pinned to the top of the Squid Games Protocol Twitter feed attempts to differentiate between the rugpull and the ongoing protocol.

“SGPRO had a fair launch on the 14th of October 2021, unlike SQUID that had a presale. SGPRO’s team is KYC’d by AssureDefi and one of the team members is Doxed,” explains freelance writer Emmanuel Alegba. He goes on to add, “In conclusion, it is very important that before buying any cryptocurrency, you must do your own research (DYOR) to avoid being scammed with your money.”

That is advice the Binance CEO Changpeng Zhao (CZ) would most certainly agree with. In the aftermath of the Squid Games BSC rugpull, CZ declared that DYOR was the ‘golden rule’ of crypto.

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How They Did

While Squid Game projects might reasonably have assumed that borrowing the brand identity of a popular TV show would help to propel them to success, the actions of Squid Game BSC have firmly put that notion to rest.

Squidanomics (SQUID) currently sits at a price of $0.000000006324, down 13.7% on its 24 hour total and down 62% in the last 7 days. 

Squid Game Protocol (SGPRO) is down 8.8% in the last 24 hours while International Squid Games (SQUIDGAMES) is up 1.26% over the same period.

Source : bsc.news