The Squid Game token has increased by 45,000% but its holders cannot sell it. The token will allow holders to compete in online games inspired by the show (the Squid Game series), but has been labeled a scam. A crypto token inspired by the hit Netflix series Squid Game has gained more than 45,000% as several so-called “meme coin” projects are on the rise. However, the token mechanics look questionable. Details cryptocoin.com‘in.
Squid Game token as meme coin
Squid Game inspired a questionable meme coin. A Binance Smart Chain project called SquidGame created the SQUID token, giving users the chance to take part in online games based on the hit Netflix show. Data from CoinMarketCap shows that SQUID token trading was at around $0.012 on Tuesday, six days after its launch. Since then, the token has swept in the latest meme token craze and skyrocketed over 40,000%. Each SQUID token has now set buyers back $5.44 at time of writing.
On the SquidGame website, the developers outline their plans for an interactive game where owners can stake SQUID tokens to take part in online games inspired by the Netflix show. According to the project whitepaper, each game requires a different number of tokens to enter, and the highest stakes game is set to require 15,000 SQUID tokens, worth almost $75,000 at current prices. Each game requires 456 players to start. In the end, a winner will receive 90% of the pot and the remaining 10% will go to the game’s developers.
The rise of the Squid Game token
The parabolic rise in the price of the SQUID token is partly due to the project’s unique “antidumping mechanism”. Owners can only sell SQUIDs equal to half the purchasing power of the trading pool. The project further states that holders can freely sell their SQUID tokens by holding and burning an additional token called Marbles. The “anti-dumping mechanism” caused many buyers to be unable to sell their SQUID tokens, leading some to describe the project as a scam/scam. Over the past week, the value of a few popular meme tokens has soared. In addition to dog coins reaching all-time highs like Shiba Inu and Samoyedcoin, other tokens like SafeMoon have also made huge gains.
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