SQUID, a cryptocurrency token created based mostly on the favored Netflix Korean-language sequence Squid Video games, has seen its worth rise by over 200% inside the final 24 hours touching to as excessive as $4.32. However customers are actually reporting they’re having bother promoting, main some to invest whether or not there’s purpose to be involved.
$SQUID leverages on Squid Sport’s reputation
As a newly launched token, its unexplainable worth development locations it amongst different meme crypto belongings like Shiba Inu and Dogecoin whose costs are inclined to surge based mostly on their rising reputation available in the market.
The SQUID token goes to be the entry digital asset into the Squid Sport’s play-to-earn on-line match that’s anticipated to start later this month the place holders of the coin would be capable of take part in six rounds of the sport featured within the Netflix sequence.
Members within the digital model of the sequence might win an uncapped quantity of grand prize and their numbers would even be limitless, not like the film which had solely 456 gamers.
One other fascinating function of the SQUID token ecosystem, which is constructed on the Binance Sensible Chain, is the truth that there can be an NFT market the place customers should purchase totally different tokens based mostly on the characters of the film. Additionally, there can be alternatives for holders to earn staking rewards by way of the Marble Pool.
Holders can’t promote their asset
Nonetheless, regardless of all of those enthralling options and with the worth of the coin rising by over 110,000% in lower than per week, holders of the coin have been unable to promote their holdings which has raised a variety of purple flags within the crypto group
Reacting to this information on Reddit, Gazemblem acknowledged that if holders of the coin had watched the film, they’d have realized that “there could possibly be just one winner.”
One other remark from Previous_Advertising stated “Humorous factor is you truly can promote for those who personal one other shitcoin referred to as MARBLES. However you must pay extra marbles than the SQUID token is value to promote it so you find yourself shedding cash.”
So u cannot promote $SQUID recreation token for at the very least 3 years. As scammy because it sounds, i gotta give props to those folks. They locking their holders up prefer it’s squid recreation 😂 pic.twitter.com/gjb0juGwEd
— Treybana (@Treybana) November 1, 2021
On Twitter, the response isn’t any totally different as a number of commentators have been making enjoyable of holders of the coin for not “studying the white paper of the token.”
At roughly 9:30 am UTC, it appears like a rug pull might have occurred on the SQUID/WBNB pair on PancakeSwap.
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