Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
The Squid Game crypto, modeled after the barnstorming TV show, is raising a lot of red flags in the crypto space.
A Squid Game crypto, inspired by the popular Netflix TV series, is currently taking the crypto marketplace by storm. The digital currency is up a whopping 18,000% within just three days – reminiscent of former meme coins Doge and Shiba Inu. However, unlike those two, which are available on numerous exchanges, SQUID is only available from a lone questionable source. In addition, there are currently reports swirling around that investors in the crypto are currently unable to sell. This has spurred growing concerns that the Squid Game crypto is the latest internet scam to hit the world of digital currencies.
The prevailing consensus at the moment is that prospective buyers should stay away from SQUID. This is because there is no guarantee that they will be able to later sell or even cash in on their gains.
As of Tuesday last week, SQUID sold at 1.2 cents, and surged almost 25,000% by Friday, according to Business Insider. The digital currency came about after gamers created an online version of Squid Game to mimic that of Netflix. Furthermore, prior ownership of the Squid crypto is a prerequisite to playing the online game, which will be available from November.
A Lot Things Seem Off with the Presentation of the Squid Game Crypto
So great was the Squid crypto surge that at one point it even hit $11 per token, according to Coinmarketcap data. However, as of press time, it is worth about $6.80 per coin. The current price is still interesting, considering the fact that SQUID initially climbed over 110,000% in less than a week. Furthermore, even though SQUID ranks #2905 among the digital currencies listed on Coinmarketcap, the price aggregator itself issued a warning. Coinmarketcap’s statement reads:
“We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”
Furthermore, Gizmodo also advises buyers to err on the side of caution, suggesting that the SQUID initiative is a scam. The multifaceted website platform points out the poorly-composed white paper of the digital asset. In addition, Gizmodo also questioned the closed-off nature of some of the token’s social media channels. At the moment, the crypto’s Telegram channel is not open to comments from outsiders, and its Twitter is reportedly anti-conversational too. Some view this as a deliberate tactic to quell complaints from investors. Furthermore, according to Cryptopotato, SQUID’s site made another bogus claim that it had the backing of Tesla CEO Elon Musk. This also turned out to be false.
Despite these red flags, and the fact that the development team has no known background, many people still look to buy SQUID. This may be because meme cryptos are now a global trend, and people always want to partake.