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The SQUID token made headlines in numerous monetary and cryptocurrency media around the globe this week. Nonetheless, it may not be the miracle everybody hoped for.
After rising over 110,000% in lower than every week, studies of “traders” who’ve been unable to promote their tokens after astronomical positive aspects are beginning to pop up everywhere in the web.
The token is ranked #2905 among the many cryptocurrencies listed on Coinmarketcap, however the worth aggregator itself has already put up a banner warning concerning the excessive danger of investing within the token as a result of it is perhaps blocking the posterior gross sales -something ubiquitous in a number of crypto scams.
Now we have acquired a number of studies that customers aren’t capable of promote this token in Pancakeswap. Please do your individual due diligence and train warning whereas buying and selling! This challenge, whereas clearly impressed by the Netflix present of the identical title, is unlikely to be affiliated with the official IP.
Squid Sport Token: Too Good To Be True?
As Cryptopotato reported earlier, SQUID is only a week outdated. The token took inspiration from the Netflix collection “Squid Sport” – a present that includes a bunch of 456 financially damaged contestants who face off in infantile however lethal video games with the aim of profitable a juicy money prize.
The challenge guarantees a form of crypto adaptation for the sport, requiring contestants to take part in a number of video games earlier than strolling away with a considerable cryptocurrency prize. To take part, every participant needed to pay roughly half one million {dollars} in charges and take dwelling a big jackpot in case of being the one winner.
However some individuals merely invested within the token to take a position with out coming into the sport and apparently discovered it unimaginable to gather their winnings. The tactic might be a form of anti-dump safety, however the sport’s considerably poorly written whitepaper makes no point out of any market management mechanism.
That is merely the validation of a collection of pink flags for the challenge. Cryptopotato warned that the challenge’s web site promoted tweets from Elon Musk supposedly supporting the challenge, which was completely false.
Supply: Squid.money
As well as, the event group members haven’t any identified background —and it’s exhausting to inform whether or not they actually exist or not.
And who’re these stock-looking individuals, you may ask?For starters, this “David Kanny” (the CEO) doesn’t exist on linkedin. pic.twitter.com/HVo47RkLa2
— Michele (@asparagiii) October 29, 2021
Social Media: An Invisible Energy That Offers Worth to the Nugatory
However regardless of the entire above, meme cryptocurrencies are a worldwide development. Many individuals are prepared to purchase tokens only for the sake of collaborating in a form of international joke.
From tungsten cubes to tokens like ElonSperm or FuckElon —relying on the sentiment of Crypto Twitter in direction of The Dogefather— the development of driving up the worth of a token by way of a group effort is one thing that has cemented itself within the foundations of the crypto-verse through the years.
The development began with Dogecoin, a meme cryptocurrency that made all of it the way in which to the highest 10. Shiba Inu additionally reached a spot on this prestigious listing. Different tokens corresponding to Safemoon, Cumrocket, Floki Inu have additionally loved their 5 minutes of fame.
And NFT collectors are maintaining with the development. Rocks, Kittens, and numbers on black backgrounds have been traded for a whole lot of 1000’s – and even thousands and thousands of {dollars}.
So it’s no marvel that many don’t really feel ripped off by holding nugatory tokens from a preferred TV present. Whereas some despair on the lack of cash, others fortunately throw away their fortune “for the lols.”
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