Source: A screenshot of the token’s site

A token promoted as a play-to-earn token by the name squid video game (SQUID) is getting the attention of the cryptoverse and mainstream media, after seeing a constant, and rather abnormal, increase in rate because its launch previously today. A fast appearance at the token’s site brings numerous red flags, while at least one business from their partner’s list rejected the collaboration.

After going live on Binance Chain’s PancakeSwap decentralized exchange (DEX) at a cost of USD 0.01 on October 26, SQUID was at the time of composing (14: 24 UTC) trading at USD 7.55, up more than 45,000?cause its creation.

Over the past 24 hours, the rate was up 222%, with the number continually moving greater. The 24- hour trading volume exceeded USD 9m, per CoinMarketCap information.

Unfortunately for purchasers, there is an issue with the token, apparently influenced by the Korean drama series Squid Game on Netflix, with a number of users reporting that it is difficult to offer it on PancakeSwap.

Not remarkably, the scenario might end up being a significant deal-breaker for token holders, considered that PancakeSwap is the only market where the token is traded at the minute.

” We have actually gotten numerous reports that users are unable to offer this token in PancakeSwap. Please workout care while trading,” the significant coin tracking site CoinMarketCap alerts its users on the token’s page, including that “This task, while plainly influenced by the Netflix program of the exact same name, is not likely to be associated with the main IP.”

Meanwhile, not having the ability to offer the token would likewise discuss why the cost has actually just relocated one instructions– up!

SQUID rate because creation:

Source: CoinMarketCap

Judging from the job’s site, the SQUID token and the associated video game is likely a fraud, with crucial employee noted as “CEO”, “CMO”, and “CTO” no place to be discovered online or on social networks.

Source: A screenshot of the token’s site

Further, the task’s site declares that it has a “collaboration” with Netflix, Microsoft, CoinGecko, and a number of other widely known brand names, which there is no proof to support.

Source: A screenshot of the token’s site

CoinGecko informed Cryptonews.com that they have no collaboration with this job. We have actually called Netflix for remark too.

According to the task’s white paper, the squid token has “an ingenious anti-dump system” developed into it that avoids the cost from dropping, with “offering credits” essential to acquire in order to offer tokens.

And for those questioning why other liquidity swimming pools have actually not been established for token holders to offer, the white paper responses that too:

” Only SQUID-BNB in PancakeSwap is formally supported, which suggests you can just pick to switch SQUID for BNB in PancakeSwap. Users who include any other liquidity sets will be penalized.”

The SQUID token is supposedly based upon 6 online video games, all with the objective of winning cash prize.

Worth keeping in mind is that all of the online video games need gamers to pay “entry charges.” At existing SQUID costs, these costs can amount to rather considerable quantities, with 15,000 SQUID, worth more than USD 107,000, required to get in Level 6 of the video game.

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