Squid Game Cryptocurrency is currently tradable on the blockchain and just like the series on Netflix, it’s viral. Within one week, the squid game crypto token has grown by over 45,000 per cent. If you are a trader, then this is where you should put your money but on the contrary, the news and analysts have raised red flags.
Upon inception, the token was trading at 1.2 cents and now, it is priced at more than US$4.50, a figure that might change anytime. The crypto was inspired by the Korean drama revolving around deadly tournaments where adults play children games to win money. With the same logic, that is how the Squid Game crypto works but, in this case, no one has the idea of the games.
Buying Squid Game tokens enables individuals to participate in various online events where they can win more tokens and exchange with other cryptocurrencies like Ethereum or Fiat money. According to The Independent, the game is set to start this November and the more people who join, the more the reward will be.
The game will follow the same plot as the Netflix series without deadly penalties, but participants will have to trade the tokens to play at each stage. The dynamic has created a demand for the token which has led to its success within one week.
Despite the success and increase in price, CoinMarketCap has warned to be cautious while buying the tokens.
“We have received multiple reports that users are not able to sell Squid token in Pancakeswap” said a statement by CoinMarketCap. Pancakeswap is a decentralised platform that allows users to sell cryptocurrencies without revealing their identity. This becomes a problem because the same users cannot sell the Squid token.
Unfortunately, reliable information on how the Squid token actually works is missing in the white paper. A good example is the “marble.” No one is allowed to sell huge quantities unless they have the marble.
But no one knows how to get the marble because of the lack of precisions. Chances are, if you buy more, you might end up holding them with no idea of how to sell.
According to Forbes, a deep dive into the cryptocurrency website will leave you doubting its authenticity. Some of the links are broken and the website is full of grammatical errors. Besides that, it is claimed that the token is not affiliated with the original Netflix show nor the intellectual property.
At this point, it is impossible to judge whether Squid token is a scam or whether it is legitimate. However, cryptocurrency traders should be careful when trading and the number of tokens they buy at once.