A token inspired by the popular Netflix series Squid Game, 40%. It gained more than 000 values.
The token, which is a Binance Smart Chain project and has the same name, experienced a huge rise after its release. The token has experienced another 107% increase in the last 24 hours, reaching up to $14.58.
On the project’s website, the developers say that the project is an interactive game where owners can stake SQUID tokens to take part in online games inspired by the Netflix series. Each game requires 456 players to start, and in the end, a winner takes 90% of the pot, leaving the remaining 10% to the game’s developers.
The token’s parabolic rise is partly due to the project’s idiosyncrasy. “dump prevention mechanism”
It is due to . Owners can only sell SQUIDs equal to half the purchasing power of the trading pool. The project also states that holders can freely sell their SQUID tokens by burning an additional token called Marbles.
This mechanism caused the project to be called a scam as many users were unable to sell their tokens. CoinMarketCap has also issued a warning about this issue on the token’s page.
“We have received multiple reports that users are unable to sell this token on Pancakeswap. Please do your own due diligence and be careful when trading! While this project is clearly inspired by the Netflix series of the same name, it is unlikely to be tied to the official IP. ”
