The good time they are going through Bitcoin and altcoins is favoring the emergence of new projects which, in some cases, are the least suspects. The latest to grab the attention of everyone who is involved in the world of cryptocurrencies is the token Squid Game, which has built on the success of the Netflix series of the same name (“The Squid Game” in Spanish) to star in a spectacular price increase that this Thursday took it to the top1 of earnings on the day.
This token, which was released on October 26, reached a minimum price of 0,01053 eurosOk at the time of writing these lines 3,09 euros. A spectacular growth of 27,229.99%.
$Squid can only be purchased at PancakeSwap, a token exchange platform integrated into the blockchain of Binance Smart Chain. In the last 24 hours it continues to grow at a rate of more than 300%.
In such a case, any investor with a minimum of experience in the sector alarms go off before the desire to buy this token, which many already accuse of being a scam.
Some buyers of the same are denouncing on social networks that they are not allowed to withdraw the money. Other users point out that the members of the technical team of the project are false:
On CoinMarketCap, the website that is a world reference for the world of cryptocurrencies and that offers real-time quotes for all of them, it is noted on the Squid Game page that “we have received several reports that users cannot sell this token on Pancakeswap . Be careful when operating!“.
There are users who explain on social networks that in order to withdraw money You must accumulate a certain amount or even that in order to sell 1 Squid you must have 2 Marbles, another secondary token associated with the game.
Because $ Squid is the native token of the Squid Game platform, a “play to earn”, a system that allows you to earn money by playing on which the success of the GameFi, the new fashion trend in the crypto world after the boom in the last months of the Non-fungible tokens (NFT).
The project’s whitepaper, published on its website and only 4 pages long (another red flag for connoisseurs), explains that the game is based on that of the series, with rewards to players who beat the games.
He also says yes “holdeas“That is, you keep your investment over time without selling it, you will receive in your electronic wallet rewards in ETH (the second most important cryptocurrency behind Bitcoin, which allows smart contracts and on whose protocol most tokens run). Supposedly, Whoever wins the game will win a grand prize in ETH accumulated in a virtual chest, following the parallels with the successful Korean television production.
The question is whether, as has happened so many times, this token is a shitcoin (name given to baseless crypto projects) and ends up leaving, never better said, corpses in the gutter, financially speaking.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.