A token promoted as a play-to-earn token by the title squid recreation (SQUID) is getting the eye of the cryptoverse and mainstream media, after seeing a steady, and quite unnatural, rise in worth since its launch earlier this week. Nevertheless, a fast take a look at the token’s web site brings a number of crimson flags, whereas not less than one firm from their companion’s listing denied the partnership.
After going reside on Binance Chain’s PancakeSwap decentralized change (DEX) at a worth of USD 0.01 on October 26, SQUID was on the time of writing (14:24 UTC) buying and selling at USD 7.55, up greater than 45,000% since its inception.
Over the previous 24 hours, the worth was up 222%, with the quantity constantly transferring increased. The 24-hour buying and selling quantity surpassed USD 9m, per CoinMarketCap knowledge.
Sadly for consumers, there’s a downside with the token, seemingly impressed by the Korean drama collection Squid Recreation on Netflix, with a number of customers reporting that it’s not possible to promote it on PancakeSwap.
Not surprisingly, the scenario could change into a significant deal-breaker for token holders, on condition that PancakeSwap is the one market the place the token is traded in the meanwhile.
“Now we have obtained a number of stories that customers are usually not in a position to promote this token in PancakeSwap. Please train warning whereas buying and selling,” the key coin monitoring web site CoinMarketCap warns its customers on the token’s web page, including that “This undertaking, whereas clearly impressed by the Netflix present of the identical title, is unlikely to be affiliated with the official IP.”
In the meantime, not having the ability to promote the token would additionally clarify why the worth has solely moved in a single path – up!
SQUID worth since inception:
Judging from the undertaking’s web site, the SQUID token and the associated recreation is probably going a rip-off, with key group members listed as “CEO”, “CMO”, and “CTO” nowhere to be discovered on-line or on social media.
Additional, the undertaking’s web site claims that it has a “partnership” with Netflix, Microsoft, CoinGecko, and a number of other different well-known manufacturers, which there isn’t a proof to help.
CoinGecko instructed Cryptonews.com that they haven’t any partnership with this undertaking. Now we have contacted Netflix for remark too.
Based on the undertaking’s white paper, the squid token has “an progressive anti-dump mechanism” constructed into it that forestalls the worth from dropping, with “promoting credit” obligatory to acquire with a view to promote tokens.
And for these questioning why different liquidity swimming pools haven’t been arrange for token holders to promote, the white paper solutions that too:
“Solely SQUID-BNB in PancakeSwap is formally supported, which implies you possibly can solely select to swap SQUID for BNB in PancakeSwap. Customers who add some other liquidity pairs shall be punished.”
The SQUID token is allegedly based mostly on six on-line video games, all with the purpose of profitable prize cash.
Value noting is that the entire on-line video games require gamers to pay “entry charges.” At present SQUID costs, these charges can add as much as quite substantial quantities, with 15,000 SQUID, price greater than USD 107,000, essential to enter Stage 6 of the sport.
Cryptonews.com has reached out to the group behind SQUID through e mail for extra details about the token and its founders.
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