Today we witnessed another rug pull in crypto, Squid Game Coin just pulled the rug.
Be carefull when investing, this had all the signals of a rug pull, you couldn't even sell the coin if you bought it. People still invested in this waiting for a moonshot, but they lost it all.
What happened here?
Well, this coin was shilled as the next moonshot, a coin that would make people rich. The signals of a rug pull were pretty visible, you couldn't even sell what you bought. Today the coin went to an incredible price of 2856$ and ten minutes later the inevitable happened, the coin was dumped and after 10 minutes of its All Time High it went to 0.0008$.
It's important to know that this type of coins are incredible risky to invest, in the majority of times you will lose money on them.
This type of coins are created on a daily basis, remember that for each one that made someone some money, there are hundreds that made thousands of people lose their hard earned money.
Always investigate and look for Red Flags, some of them may be:
When you buy you only receive a percentage of what you bought
Rebase (change in supply)
The Creators own a huge part of the supply
Whitepaper with low amount of information or no whitepaper at all
Memecoins (if you want a true meme coin there are better options than this tokens)
Shady youtubers shilling the coin
There are a lot more of Red Flags and you should understand what is happening behind the scenes before you buy.
Be carefull and stay well.