This week, the SQUID token was featured in various cryptocurrency and financial media. It might not be everything that everyone expected.
Reports of “investors,” who are unable to sell their tokens despite astronomical gains, have started to appear all over the internet.
Although the token is #2905 on Coinmarketcap’s list of cryptocurrencies, the price aggregator has posted a warning banner about the risk of investing in it as it could block future sales. This warning is common in many crypto scams.
Multiple reports have been received that Pancakeswap users are unable to sell this token. You should do your research and be cautious when trading. Although this project is clearly inspired by Netflix’s show of the same title, it is unlikely that it will be associated with the official IP.
Squid Game Token: Too Good to Be True?
SQUID, as Cryptopotato previously reported, is only a week old. The token was inspired by the Netflix series “Squid Game”, which features a group 456 financially poor contestants competing in deadly, childish games to win a cash prize.
Project promises to be a crypto-adaptation of the game. Contestants will need to play in multiple games before they can win a significant cryptocurrency prize. Each player was required to pay half a million dollars and win a substantial jackpot if they were the sole winner.
Some people invested in the token for speculation and did not enter the game, but they found it difficult to collect their winnings. This could be an anti-dumping protection tactic, however the whitepaper of the game is very poor and does not mention any market control mechanisms.
This is just a validation of a series red flags about the project. Cryptopotato warned that tweets by Elon Musk, supposedly supporting the project were promoted on the site. This was completely false.
Additionally, there is no background information available for the members of the development team. It is difficult to determine if they are real or fake.
You might be wondering who these stock-looking people are. This “David Kanny”, the CEO, doesn’t exist on LinkedIn. pic.twitter.com/HVo47RkLa2
— Michele (@asparagiii) October 29, 2021
Social media: A powerful invisible power that gives value to the worthless
Meme cryptocurrencies, despite all the above, are still a popular trend. Many people will buy tokens to participate in a global joke.
Tokens such as ElonSperm and FuckElon, or tungsten cubes depending on how Crypto Twitter feels about The Dogefather –the trend of increasing the price of tokens through community efforts has been a constant feature of the crypto-verse for years.
Dogecoin was the first to make the trend, and it reached the top 10. This prestigious list also included Shiba Inu. Other tokens like Safemoon and Cumrocket as well as Floki Inu also enjoy their five minutes fame.
NFT collectors are also keeping up with this trend. Kittens, rocks, and numbers with black backgrounds have been sold for hundreds of thousands, sometimes even millions, of dollars.
It’s not surprising that so many people don’t feel ripped-off by having tokens of worthless TV shows. Some people feel devastated at losing their money while others are happy to throw their wealth away “for the lols.”
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.