CRYPTO CURRENCY NEWS:
A token promoted as a play-to-earn token by the name squid game (SQUID) is getting the attention of the cryptoverse and mainstream media, after seeing a continuous, and rather unnatural, rise in price since its launch earlier this week. However, a quick look at the token’s website brings multiple red flags, while at least one company from their partner’s list denied the partnership.
After going live on Binance Chain’s PancakeSwap decentralized exchange (DEX) at a price of USD 0.01 on October 26, SQUID was at the time of writing (14: 24 UTC) trading at USD 7.55, up more than 45,000% since its inception.
Over the past 24 hours, the price was up 222%, with the number continuously moving higher. The 24-hour trading volume surpassed USD 9m, per CoinMarketCap data.
Unfortunately for buyers, there is a problem with the token, seemingly inspired by the Korean drama series Squid Game on Netflix, with several users reporting that it is impossible to sell it on PancakeSwap.
Not surprisingly, the situation may become a major deal-breaker for token holders, given that PancakeSwap is the only market where the token is traded at the moment.
“We have received multiple reports that users are not able to sell this token in PancakeSwap. Please exercise caution while trading,” the major coin tracking website CoinMarketCap warns its users on the token’s page, adding that “This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”
Meanwhile, not being able to sell the token would also explain why the price has only moved in one direction – up!
SQUID price since inception:
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