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A crypto token impressed by the hit Netflix collection Squid Game has rallied greater than 40,000% as a number of so-called “meme cash” balloon in worth. However, the token mechanics look suspicious.
Squid Game Inspires Token
Squid Game has impressed a doubtful meme coin.
A Binance Smart Chain venture referred to as SquidGame has created the SQUID token, promising customers the possibility to participate in on-line video games primarily based on the hit Netflix present.
Data from CoinMarketCap exhibits the SQUID token buying and selling at round $0.012 Tuesday, six days after its launch. Since then, the token seems to have been swept up within the latest meme coin mania, skyrocketing over 40,000%.
Each SQUID token will now set patrons again $5.44 at press time.
On the SquidGame website, the builders state plans for an interactive recreation the place holders can stake SQUID tokens to participate in on-line video games impressed by the Netflix present. Per the venture’s whitepaper, every recreation requires a unique variety of tokens to enter, with the best stake recreation set to require 15,000 SQUID tokens, value virtually $75,000 at present costs.
Each recreation requires 456 gamers to start out. In the top, one winner will take 90% of the pot, with the remaining 10% going to the sport’s builders.
The parabolic rise of the SQUID token’s value is partially as a result of venture’s self-styled “anti-dump mechanism.” Holders are solely in a position to promote SQUID equal to half the shopping for energy of the buying and selling pool. The venture additionally states that holders are in a position to promote SQUID tokens freely by holding and burning a further token referred to as Marbles.
The “anti-dump mechanism” has resulted in lots of patrons being unable to promote their SQUID tokens, main some to explain the venture as a scam.
Over the final week, a number of so-called “meme tokens” have soared in worth. In addition to canine cash reminiscent of Shiba Inu and Samoyedcoin reaching new all-time highs, different tokens reminiscent of SafeMoon have additionally put in sizeable features.
Editor’s be aware: The article has been amended to focus on that a number of reviews have indicated that the SQUID token can’t be offered.
Disclosure: At the time of scripting this characteristic, the creator owned BTC, ETH, and several other different cryptocurrencies.
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