The cryptocurrency community believes the token, which was inspired by the Netflix comedy “Squid Game,” is a hoax.
Squid Game (SQUID), a unique cryptocurrency inspired by the Netflix series of the same name, has seen its value soar by 45,000% in just a few days after its launch earlier this week. However, numerous investors have reported being unable to exchange the token.
“We’ve received several complaints from PancakeSwap users who claim that they seem unable to sell their token.” CoinMarketCap, a renowned cryptocurrency monitoring website, issued a warning on the SQUID cryptocurrency on its website, stating, “Please use caution while trading.“
According to CMC, PancakeSwap is the only exchange where SQUID may be exchanged at the time of writing this article. The token, which is now trading at $5.71 and has a daily sale-buy volume of $7 million, is one of the top gainers in the CMC market.
Chart of the SQUID pricing: Source CoinMarketCap
The spectacular ascent of SQUID, along with suspicions that the token is unable to be sold, has led some crypto enthusiasts to assume that the new cryptocurrency is a Ponzi scam.
Crypto Tyrion, a Twitter user, noticed that now the Squid Game token’s creators, who are stated on the website, are not on LinkedIn, a significant professional network. They also claimed that the Squid Game token was interfering with their ability to submit comments on Twitter. Crypto Tyrion said that it was a “100% rug pull.”
The policy documents for the Squid Game token have been criticized for having issues like poor grammar, spelling mistakes, and statements that are “impossible to verify,” according to some reviewers. According to the reputable scam-checking website Scamadviser, the website for the Squid Games token has a trust rating of 45 out of a possible 100.
The Squid Game token was based on the Netflix show of the same name, in which players put their lives in danger to play dangerous activities in the pursuit of making a big amount of money. It is reported that the token would allow players to participate in six online games for an opportunity to secure cash rewards if they use it.
Because of the SQUID ownership requirements, CMC issued a statement last Friday indicating that, as a result of the rise in SQUID, participating in the Squid Game described in the project’s policy documents may be too expensive for most participants. Contestants in the sixth & final game would be required to just have 15K SQUID, which is worth around $80,000 at the time of writing, to participate.
SQUID has been avoided by CoinGecko, which is CMC’s primary rival. “As a result, CoinGecko will not broadcast this currency since it does not comply with our listing criteria.” According to the corporation, CoinGecko’ co-founder, Bobby Ong, described the company’s mission as follows: “It’s almost definitely a scam, to put it mildly.” The CoinGecko CEO further emphasized that the company is not a collaborator of the Squid Game coin, as claimed on the company’s website: “This is untrue, and we are therefore neither partner nor associated with Squid Game.”
“If you have any Marbles, you may sell a set number of SQUID on PancakeSwap at any moment. Those Marbles inside your pocket will be instantly burnt when you sell some SQUID.”
One thing the policy document mentions about Marbles is whether “acquiring Marbles without engaging in violence is the key of Squid Game,” which is the only thing it says about Marbles.
“To prevent any unexpected and abrupt adjustments to the SQUID liquidity pool, SQUID money will be protected on DxSale for just 3 years,” says the company. A second statement in the white paper claims that “the unlock time is October 20, 2024.”
Additional questions were sent to Squid Game using the contact information stated on their website, but Cointelegraph did not get a response right away.