The SQUID token made headlines in various financial and cryptocurrency media across the world this week. Still, this may not be the miracle everyone has been waiting for.
After rising over 110,000% in less than a week, reports of “investors” who have been unable to sell their tokens after astronomical gains are starting to pop up all over the internet.
The token is ranked # 2905 among the cryptocurrencies listed on Coinmarketcap, but the price aggregator itself has already put up a banner warning of the high risk of investing in the token as it could block out subsequent sales – something ubiquitous in several crypto scams.
We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.
Squid Game Token: Too Good To Be True?
As Cryptopotato reported earlier, SQUID is just a week old. The token took inspiration from the Netflix series “Squid Game” – a show featuring a group of 456 financially broken contestants who face off in childish but deadly games with the goal of winning a juicy cash prize.
The project promises some sort of crypto adaptation of the game, forcing competitors to participate in multiple games before coming away with a substantial prize in cryptocurrency. To participate, each player had to pay approximately half a million dollars in fees and take home a significant jackpot in case of being the only winner.
But some people simply invested in the token to speculate without entering the game and apparently found it impossible to collect their winnings. The tactic could be a sort of anti-dump protection, but the game’s somewhat poorly written whitepaper makes no mention of any market control mechanism.
It is simply the validation of a series of red flags for the project. Cryptopotato warned that the project site was promoting Elon Musk’s tweets purporting to support the project, which was totally untrue.
In addition, the development team members have no known background —and it is hard to tell whether they really exist or not.
Social networks: an invisible power that gives value to the worthless
But despite all of the above, even cryptocurrencies are a global trend. A lot of people are willing to buy tokens just to participate in some kind of global joke.
From tungsten cubes to tokens like ElonSperm or FuckElon —depending on the sentiment of Crypto Twitter towards The Dogefather— the trend of driving up the price of a token by means of a community effort is something that has cemented itself in the foundations of the crypto-verse over the years.
The trend started with Dogecoin, a meme cryptocurrency that reached the top 10. Shiba Inu also reached a spot on this prestigious list. Other tokens such as Safemoon, Cumrocket, Floki Inu have also enjoyed their five minutes of fame.
And NFT collectors are following the trend. Stones, chatons and numbers on a black background have been exchanged for hundreds of thousands, if not millions of dollars.
So it’s no wonder that many don’t feel ripped off by holding worthless tokens from a popular TV show. While some despair of losing money, others gleefully throw away their fortunes “for the lols”.
