The token will enable holders to compete in on-line video games impressed by the present—nevertheless it’s been labeled a rip-off.
A crypto token impressed by the hit Netflix sequence Squid Recreation has rallied greater than 40,000% as a number of so-called “meme cash” balloon in worth. Nonetheless, the token mechanics look suspicious.
Squid Recreation Conjures up Token
Squid Recreation has impressed a doubtful meme coin.
A Binance Good Chain challenge referred to as SquidGame has created the SQUID token, promising customers the possibility to participate in on-line video games based mostly on the hit Netflix (NASDAQ:) present.
Knowledge from CoinMarketCap exhibits the SQUID token buying and selling at round $0.012 Tuesday, six days after its launch. Since then, the token seems to have been swept up within the current meme coin mania, skyrocketing over 40,000%.
Every SQUID token will now set consumers again $5.44 at time of writing.
Each game requires 456 players to start. In the end, one winner will take 90% of the pot, with the remaining 10% going to the game’s developers.
The parabolic rise of the SQUID token’s price is partially due to the project’s self-styled “anti-dump mechanism.” Holders are only able to sell SQUID equal to half the buying power of the trading pool. The project also states that holders are able to sell SQUID tokens freely by holding and burning an additional token called Marbles.
The “anti-dump mechanism” has resulted in many buyers being unable to sell their SQUID tokens, leading some to describe the project as a scam.
Over the past week, a number of so-called “meme tokens” have soared in worth. Along with similar to and Samoyedcoin reaching new all-time highs, different tokens similar to have additionally put in sizeable features.
Editor’s word: The article has been amended to spotlight that a number of experiences have indicated that the SQUID token can’t be bought.
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