The word “Play to Earn Crypto” was recently in the news for scamming people with an apparent rug pull.
A recent article by Yahoo, reported that a game called “squid game” had “craters after dizzying rally…”
Space Monkey’s Advisor, Lew Col, shares that unfortunately, many people fall victim to what is commonly referred to as a “Honey Pot” scam whereas only certain people are allowed to pull money out of the project and they can be very deceiving. In these “scam” coins, a contract is created from the beginning as a scam, only allowing people to purchase and not sell, driving the price up exponentially.
The problem with crypto is a lot of people who are new to the industry don’t know how to properly vet and check out a token. A very important part of checking out a token is making sure the token has an independent audit. You can view Space Monkey’s audit by Perseus.ltd by visiting our audit page. It is important that a crypto coin not only has an independent audit but that the results of the crypto audit reveals little to minimal risk.
Another vital safeguard of crypto investing is to also confirm the liquidity is locked! There are several trusted sources for investigating and confirming that a crypto coin has locked their liquidity. Some of the most popular are bsc scan and etherscan which allow you to inspect a token and see which digital wallets control/own the largest percentages of the coin’s crypto currency. (In a more established project this is ok, but in a brand new token, this should ring alarm bells.)
Sometimes all it takes is money to have a coin promoted on popular websites to give the impression that the coin in legitimate. This appears to be the case for the “Squid Game” play to earn crypto.
An important observation is that seemingly everyone in the crypto world is looking to find that one token that’s the next “shib”, a new token that has huge drive and marketing. And people are willing to sacrifice doing the research, in the risk that the tokens price will increase in that time. Basically the FOMO effect.
The problem is, people discovered the Squid token, that has no affiliation to the show, no game actually built, absolutely no product at all. And people jumped on it due to the massive % it was rising. But unfortunately no one realized that it couldn’t be sold or by the time they did, it was too late.
Always be very careful with vetting a brand new token, and even if the potential gains are less on a well established token, you should always look to invest in a solid platform, with audit, and liquidity locked. Having a genuine use case, and a reasonable market cap is an essential start.
Tokens that have been in development for a long time are also good bets, it’s always better to get involved with a token that has a product and doesn’t just promise you everything and not deliver in order to “pump” the price.
Space monkey is one of such projects, with a game that’s been in development for almost a year, and that only launched its new bsc token 2 weeks ago (October 15,2021). While Space Monkey is currently at an early stage in the coins journey, we are already offering play 2 earn rewards and a full ecosystem to complement it. We believe, Space Monkey is leading the way as an example of how a new token should run with a fully doxxed team, liquidity locked and audit done.
All information is available. And with a circulating market cap of around 4 million usd at the time of writing, is at a great entry point.
Space Monkey currently is offering the equivalent of 5usd of “spmk” bsc coin per day to holders of the token and who play our game. Our strategy results in great returns, and a huge potential with future token price.