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SQUID, a cryptocurrency token created based mostly on the favored Netflix Korean-language collection Squid Video games, has seen its worth rise by over 200% throughout the final 24 hours touching to as excessive as $4.32. However customers are actually reporting they’re having hassle promoting, main some to take a position whether or not there’s cause to be involved.$SQUID leverages on Squid Recreation’s popularityAs a newly launched token, its unexplainable worth progress locations it amongst different meme crypto belongings like Shiba Inu and Dogecoin whose costs are inclined to surge based mostly on their rising reputation available in the market.The SQUID token goes to be the entry digital asset into the Squid Recreation’s play-to-earn on-line event that’s anticipated to start later this month the place holders of the coin would have the ability to take part in six rounds of the sport featured within the Netflix collection.Contributors within the digital model of the collection might win an uncapped quantity of grand prize and their numbers would even be limitless, not like the film which had solely 456 gamers.One other attention-grabbing characteristic of the SQUID token ecosystem, which is constructed on the Binance Good Chain, is the truth that there could be an NFT market the place customers can buy totally different tokens based mostly on the characters of the film. Additionally, there could be alternatives for holders to earn staking rewards by the Marble Pool.Holders can’t promote their assetHowever, regardless of all of those enthralling options and with the worth of the coin rising by over 110,000% in lower than per week, holders of the coin have been unable to promote their holdings which has raised a number of purple flags within the crypto communityReacting to this information on Reddit, Gazemblem acknowledged that if holders of the coin had watched the film, they might have realized that “there may very well be just one winner.”One other remark from Previous_Advertising stated “Humorous factor is you really can promote when you personal one other shitcoin known as MARBLES. However you could pay extra marbles than the SQUID token is value to promote it so you find yourself dropping cash.”So u cannot promote $SQUID recreation token for no less than 3 years. As scammy because it sounds, i gotta give props to those folks. They locking their holders up prefer it’s squid recreation 😂 pic.twitter.com/gjb0juGwEd— Treybana (@Treybana) November 1, 2021On Twitter, the response isn’t any totally different as a number of commentators have been making enjoyable of holders of the coin for not “studying the white paper of the token.”Supply: TradingView WBNB/SQUID ChartAt roughly 9:30 am UTC, it appears to be like like a rug pull might have occurred on the SQUID/WBNB pair on PancakeSwap.Get an edge on the cryptoasset marketAccess extra crypto insights and context in each article as a paid member of CryptoSlate Edge. On-chain evaluation Worth snapshots Extra context Be a part of now for $19/month Discover all benefitsPosted In: Memecoins, Scams Like what you see? Subscribe for updates.
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