700% gain in 24 hours: Angry Squid is not angry anymore!

November 18, 2021 03:41 AM AEDT | By Kiara Khanna

700% gain in 24 hours: Angry Squid is not angry anymore! — Image source: Diego Ioppolo,Shutterstock

Angry Squid: Another scam in the making?

Angry Squid is a new token launched on November 7. So naturally, there's a lot of skepticism around it. It is related to the Squid Game (SQUID) token that recently captured a lot of limelight owing to its recent rise and fall.

When we visited the website to understand the dynamics of the token, the site's URL itself seemed a bit confusing –www.angrysquidoken.com – the token is spelt as 'oken'. At one place on the homepage, the token was misspelled as 'AngrySqui'.

The site did not share much information. But like many marketing promises, it mentions that Angry Squid token lets you earn enough income outside of life. It offered no details or specifics, such as who designed it. It alludes to 'game' but doesn't elaborate on the details or other relevant information.

We then scanned the Twitter-crypto verse to skim through the chatter, only to find out almost all tweets indicate a common problem – the number of Angry Squid tokens bought by investors reportedly kept reducing in the wallet as the price of the token shot up.

Also Read - How To Avoid A Crypto Rug Pull?

Why do altcoins like AngrySquid witness a massive surge?

The world of altcoins is insane. Someone can make thousands of dollars in a day and lose it all the very next day. Altcoins are also called 'shitcoins' by some critics due to their high volatility, with some coins plunging to zero value. However, enthusiasts and retail investors associate it with low investment-high profits, despite the massive risk factor.

Cons and frauds are typical in the cryptoverse because of our unending desire of making a fortune. As a result, the rug pull game seems unavoidable, with makers of such 'fake' altcoins mainly launching these under hidden identities or no identity at all.

We still do not know who is behind Bitcoin – the largest crypto in the market by marketcap. The identity of Satoshi Nakamoto remains a mystery despite its worldwide support as the digital currency of the future, and even a legal tender decree in a small Central American nation, El Salvador.

Cryptocurrencies such Angry Squid are witnessing insane price explosions due to the unending crypto craze, which is becoming more like a drug hard to resist.

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