Squid Game Token Jumps 40,000% But Holders Can’t Sell
Share this article
A crypto token inspired by the hit Netflix series Squid Game has rallied more than 40,000% as several so-called “meme coins” balloon in value. However, the token mechanics look suspicious.
Squid Game Inspires Token
Squid Game has inspired a dubious meme coin.
A Binance Smart Chain project called SquidGame has created the SQUID token, promising users the chance to take part in online games based on the hit Netflix show.
Data from CoinMarketCap shows the SQUID token trading at around $0.012 Tuesday, six days after its launch. Since then, the token appears to have been swept up in the recent meme coin mania, skyrocketing over 40,000%.
Each SQUID token will now set buyers back $5.44 at press time.
On the SquidGame website, the developers state plans for an interactive game where holders can stake SQUID tokens to take part in online games inspired by the Netflix show. Per the project’s whitepaper, each game requires a different number of tokens to enter, with the highest stake game set to require 15,000 SQUID tokens, worth almost $75,000 at current prices.
Each game requires 456 players to start. In the end, one winner will take 90% of the pot, with the remaining 10% going to the game’s developers.
The parabolic rise of the SQUID token’s price is partially due to the project’s self-styled “anti-dump mechanism.” Holders are only able to sell SQUID equal to half the buying power of the trading pool. The project also states that holders are able to sell SQUID tokens freely by holding and burning an additional token called Marbles.
The “anti-dump mechanism” has resulted in many buyers being unable to sell their SQUID tokens, leading some to describe the project as a scam.
Over the last week, several so-called “meme tokens” have soared in value. In addition to dog coins such as Shiba Inu and Samoyedcoin reaching new all-time highs, other tokens such as SafeMoon have also put in sizeable gains.
Editor’s note: The article has been amended to highlight that multiple reports have indicated that the SQUID token cannot be sold.
Disclosure: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Forget Bitcoin and Ethereum — Crypto Traders Are Piling Into Dog Coi…
Dogecoin has resumed its uptrend as canine coins are soaring again. If buy orders continue to pile up, DOGE could enter a 64% bull run. Dog Coin Mania Ensues The…
Shiba Inu Hits New All-Time High, Becomes a Top Ten Coin
Shiba Inu has looked strong after managing to shrug off the recent flash crash and reach new all-time highs. This morning it briefly overtook Dogecoin’s market cap and at press…
Metaverse Tokens Are Soaring on Facebook’s Rebrand News
The Metaverse-related crypto projects Decentraland and Axie Infinity are rallying after Facebook revealed that it would be rebranding and turning its focus to virtual reality worlds yesterday. Metaverse Tokens Rise …
How SocialGood Is Offering 100% Crypto Cashback on Online Shopping
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…
