In Brief:
- Squid Investors can not sell their tokens for gains
- In just one week, the token’s value has increased by almost 110,000%.
- These tokens are claimed to be a hoax due to their inability to be sold.
Squid Game, a Korean Netflix series, has recently gained huge popularity. Consequently, Squid game tokens were released for the fans, utilizing the hype for the show. Soon after, the news broke out in the media and crypto world, more people began to invest in it, causing the value of the Squid tokens to rise.
As of now, the hype has turned against the squid investors. While the token’s worth raised over 110,000% in less than a week, Squid traders can not sell their tokens.
According to the crypto community, these tokens were assumed to have great returns which turned out to be true when its value astronomically hiked within a week of their launch. But the craze wasn’t meant to last since it was revealed yesterday that these squid investors can not sell their tokens seeking returns.
These squid tokens were listed for trade on the PancakeSwap decentralized network. Though arbitrary tokens like these always involve some risks on whether they can be sold afterward or not. Yet, the excitement among investors was too strong to ignore and people invested in it expecting huge profits considering its popularity.
Moreover, the token secured #2905 rank among the cryptocurrencies listed on Coinmarketcap. Despite it being a trending token, it was still an arbitrary token and was put under a banner warning about the high risk of investing in squid.
The total supply of these tokens was 800 million, with 39,502 holders. The numbers speak for themselves when it comes to its popularity. Squid, on the other hand, is being criticized for not enabling traders to resell their tokens. Furthermore, the entire situation was widely reported as a scam on the internet.
Squid Game token was inspired by the Netflix show. This show featured 456 financially broken contestants who participated in a childish game to win a huge cash prize that unfolded as a deadly game, followed by unfortunate events.
In the first place, the squid tokens project had far too many red flags. It was a kind of crypto adoption for the game, in which players compete in several games for a cash award. To participate, however, each player must pay a fee of approximately half a million dollars to be eligible for the reward if they are the only winner.
But the procedure has not been executed by all crypto investors, and some people invested in the token to speculate without participating in the game. Some people also took part as a joke when the meme world further made squid token viral.
The squid token controversy was sort of a satire on Netflix’s upcoming release. Last month, Netflix announced the release of a new documentary about the QuadrigaCX scam titled “Trust No One: The Hunt For The Crypto King”.
