SQUID, a cryptocurrency token created based mostly on the favored Netflix Korean-language collection Squid Video games, has seen its worth rise by over 200% throughout the final 24 hours touching to as excessive as $4.32. However customers are actually reporting they’re having hassle promoting, main some to take a position whether or not there’s purpose to be involved.
$SQUID leverages on Squid Recreation’s reputation
As a newly launched token, its unexplainable worth development locations it amongst different meme crypto belongings like Shiba Inu and Dogecoin whose costs are inclined to surge based mostly on their rising reputation out there.
The SQUID token goes to be the entry digital asset into the Squid Recreation’s play-to-earn on-line event that’s anticipated to start later this month the place holders of the coin would have the ability to take part in six rounds of the sport featured within the Netflix collection.
Individuals within the digital model of the collection may win an uncapped quantity of grand prize and their numbers would even be limitless, in contrast to the film which had solely 456 gamers.
One other attention-grabbing function of the SQUID token ecosystem, which is constructed on the Binance Sensible Chain, is the truth that there could be an NFT market the place customers should buy totally different tokens based mostly on the characters of the film. Additionally, there could be alternatives for holders to earn staking rewards by means of the Marble Pool.
Holders can’t promote their asset
Nevertheless, regardless of all of those enthralling options and with the worth of the coin rising by over 110,000% in lower than every week, holders of the coin have been unable to promote their holdings which has raised loads of pink flags within the crypto neighborhood
Reacting to this information on Reddit, Gazemblem acknowledged that if holders of the coin had watched the film, they might have realized that “there might be just one winner.”
One other remark from Previous_Advertising stated “Humorous factor is you truly can promote should you personal one other shitcoin known as MARBLES. However it’s essential to pay extra marbles than the SQUID token is value to promote it so you find yourself dropping cash.”
So u cannot promote $SQUID recreation token for at the least 3 years. As scammy because it sounds, i gotta give props to those individuals. They locking their holders up prefer it’s squid recreation pic.twitter.com/gjb0juGwEd
— Treybana (@Treybana) November 1, 2021
On Twitter, the response isn’t any totally different as a number of commentators have been making enjoyable of holders of the coin for not “studying the white paper of the token.”
Supply: TradingView WBNB/SQUID Chart
At roughly 9:30 am UTC, it appears to be like like a rug pull might have occurred on the SQUID/WBNB pair on PancakeSwap.
Get an edge on the cryptoasset market
Entry extra crypto insights and context in each article as a paid member of CryptoSlate Edge.
Be part of now for $19/month Discover all benefitsPosted In: Memecoins, Scams
Like what you see? Subscribe for updates.