A token with the name of the successful series Squid Game is currently causing displeasure among many investors, as they cannot sell the token again – despite a 100,000 percent increase in value.
The South Korean series “Squid Game” was a huge success for the streaming service Netflix. With 111 million viewers in the first four weeks, Squid Game is the most successful Netflix series of all time. So it’s no wonder that there is enormous potential in many areas. This is also the case in the cryptocurrency sector.
Squid Game (SQUID): 100,000 percent increase in value
The publication of a token called Squid Game (SQUID) is currently causing a sensation and, at the same time, displeasure among many investors.
The token is trading at around $ 5.61 – an increase of over 123,000 percent since publication. With this, Squid Game also dwarfs the Shiba Inu meme token. With a market capitalization of over eleven billion US dollars, SQUID would already be 22nd among the most valuable cryptocurrencies on the market.
The demand was very high right from the start. The tokens are said to have sold out after just one second. The SQUID token follows the format of the Netflix show. The token game should appear shortly. However, there is no precise information on this yet.
Squid Game Tokens cannot be sold
Numerous investors try to realize profits but fail to sell the token again. A built-in “anti-dump mechanism” is designed to prevent buyers from dumping their tokens.
“SQUID’s liquidity is blocked for DxSale for three years, which prevents unseen and immediate changes to the SQUID liquidity pool. The unlock date is October 20, 2024,” says the white paper.
To be able to participate in the game, 15,000 SQUID are required. That’s more than $200,000 at the current time—an expensive game.
Many suspect a large-scale fraud
Other crypto market watchers have pointed to the opacity of the project, for which little public information is available. In addition, many people point out many linguistic errors in the whitepaper and other official pages of the project.
The website also uses statements by Elon Musk, which originally referred to the series on Netflix, to highlight its own project. Too many people behind the project do not have any data, which makes many users suspicious.