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Squid Game token: rises 45000% but users unable to sell this new token

Squid Game token, a token inspired by popular Netflix show Squid Game, despite the rise of 45000% in a few days after launch, is unable to be sold as reported by many users. SQUID is being reported as a scam as investors are not able to withdraw the token on PanCakeswap.

Squid Game token a scam?

The Crypto market is quite lucrative and attractive but also full of risks. There is a new scam coming on the scene associated with Squid Game token. The coin has shown a massive price outbreak since its launch in a few days as it has gained more than 45000%. The crypto community is claiming the popular Netflix show, Squid Game, associated token to be a scam as many users are unable to sell it.

CoinMarketCap (CMC) has issued a warning on its website about the Squid Game token, SQUID. CMC has received many reports that users are unable to sell this token in the crypto exchange, PanCakeswap. PanCakeswap is the only crypto exchange offering the trade of SQUID at the time of writing. The Squid Game token is trading at $5.71 with a daily trading volume of 7 million dollars.

Squid Game token
Price chart of SQUID
Source: CoinMarketCap

Twitter user Crypto Tyrion observed that Squid Game token founders, which are mentioned on its website, are not on major professional networks LinkedIn. He also stressed that Squid Game token was blocking tweet comments while not having Telegram and Discord channels. “100% rug pull,” Crypto Tyrion said.

CMC has reported that playing the game mentioned in the white paper of the token might be unaffordable for many users. For example, the final and sixth game inspired by Netflix’s Korean show would require the participants to hold 15000 SQUIDS, which is worth $80k at the time of writing. The liquidity of the Squid Game token will be locked for three years on DxSale and will be unlocked on 20 October 2021.

CMC has issued a warning but still, it is clear that people should stay away from these types of scams.  For more content click here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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