Squid Game (SQUID), a new token inspired by the Netflix program of the same name, has grown by 45,000% in only a few days after its introduction earlier this week. However, several investors are apparently unable to sell the token.
“We’ve received many reports that Pancakeswap users are unable to sell this token. In a warning concerning the SQUID coin on its website, leading crypto monitoring website CoinMarketCap stated, “Please use care while dealing.”
PancakeSwap, according to CMC, is the sole exchange for exchanging SQUID at the time of writing. With a daily trading volume of $7 million, the token is among the top gainers on CMC, trading at $5.71.
SQUID’s meteoric rise, along with allegations of the token’s incapacity to be up for sale, has prompted some crypto aficionados. In order to speculate that the new currency is a Ponzi scheme.
Squid Game token creators, who are stated on the company’s website, are not on LinkedIn, according to Twitter user Crypto Tyrion. He also mentioned that the Squid Game token was preventing Twitter comments because it didn’t have Telegram or Discord channels. Crypto Tyrion said, “100% rug pull”.
Some critics have pointed out flaws in the white paper for the Squid Game token. Such as bad syntax, spelling problems, and assertions that are “difficult to verify”. The Squid Game token’s website has a trust score of 45 out of 100, according to prominent fraud detection site Scamadviser.com.
Squid Game token is based on Netflix’s namesake program
The Squid Game token is based on Netflix’s namesake program. In which participants risk their lives to play hazardous games in the hopes of winning a large sum of money. The token is believed to allow gamers to compete in six online games for a chance to win cash prizes.
Owing to SQUID holdings requirements, CMC made a statement on Friday stating that due to SQUID’s rally, playing the Squid Game detailed in the project’s white paper may be costly for most players. As a result, participants would need to have 15,000 SQUID. Which is worth approximately $80,000 at the time of writing, to play the sixth and final game.
CoinGecko, CMC’s main competitor, has steered clear of SQUID. “As a result of failing to fulfil our listing standards, this token will not be listed on CoinGecko. It’s almost certainly a ruse “Bobby Ong, a co-founder of CoinGecko, claimed. He further clarified that CoinGecko is neither a partner nor linked with the Squid Game coin, as stated on its website: “This is most certainly not true and we are neither a partner nor affiliated with Squid Game.”
The Squid Game white paper, according to publications like CNBC, mentions “anti-dumping technology” that inhibits consumers from selling their coins.
“SQUID liquidity will remain locked on DxSale for three years, preventing any unexpected and quick changes to the SQUID liquidity pool”. “The unlock date is October 20th, 2024”, according to the white paper.