Squid Game scammers become Shiba Inu whales

The saga of the Squid Game scam adds another chapter. It seems that the creators of the $3.4 million scam have made a large purchase of Shiba Inu tokens, which is alarming the community of the Dogecoin Killer.

The suspicious transaction

On 8 December, a Twitter account that specializes in intercepting so-called whale movements noticed $125 million worth of transactions for 3 trillion SHIB tokens. The curious thing is that it may have been the creator(s) of the Squid Game scam who carried it out. That would make them Shiba Inu whales. 

Wormhole findings lol. Is the 3 trillion shib whale actually the squid game creators that scammed people. I followed the transactions it goes through so many wallets but the very first wallet it leave is a squid game wallet. Think we may have a manipulator. #SHIBArmy $SHIB pic.twitter.com/lRovlgqwsn

— r/SHIBArmy (@r_SHIBArmy) December 8, 2021

“I followed the transactions, it goes through so many wallets but the very first wallet it leaves is a squid game wallet. Think we may have a manipulator”.

The fear is that now among Shiba Inu’s big holders are scammers who can manipulate the market. 

And while some commentators are asking not to cause alarm, other users are definitely worried.

Consequences for the price of Shiba Inu after the “Squid Game” case

The news did not cause panic among Shiba Inu holders. The price of the SHIB is in the red these days, but it is not experiencing any major collapses. Today the token has lost about 4%, while yesterday it had lost 5%, thus a contained volatility.

Shiba Inu has lost 60% from its ATH of 0.000088 dollars and is now worth 0.000034 dollars. This token has a circulating supply of 549 trillion, and 3 trillion have been bought, perhaps, by scammers. There is some cause for concern, even if the market seems quiet at the moment.

The price of Squid Game (SQUID)

The SQUID token has it much worse. After the scam, the community decided to restart and try to revive the project, not without some difficulties. After reaching a value of 2,800 dollars, the token collapsed to zero and has not deviated much from this trend. Today, the token is a victim of volatility, with a gain of more than 40% over 24 hours that is taking it to the value of $0.13. 

A successful scam

The creators of the Squid Game token exploited the popularity of the Korean television series broadcast by Netflix to launch SQUID, a token for a play-to-earn game. However, some users noted that it was difficult to redeem the tokens once purchased. The rug pull happened on 1 November and the founders disappeared into thin air, cashing in $3.4 million after a pump the day before took it from $38 to $2,800. 

And now there are those who fear that Shiba Inu may follow the same fate. 

This episode is useful to reiterate that in the crypto world one should always be careful before investing, especially when in the presence of meme-coins.