Squid Game (SQUID), a cryptocurrency inspired by the enormously famous Korean-language Netflix NFLX +2.4 percent program of the same name (albeit unaffiliated with it), has soared in value over the previous few days, increasing by an incredible 131,800 percent since its inception earlier this week.
Shiba Inu (SHIB), the meme-based cryptocurrency that challenged Dogecoin (DOGE) for meme coin dominance this week, may have a new competitor.
Even as the price of Squid Game’s squid token rises, various cautions about its authenticity have been issued, with the CoinMarketCap cryptocurrency data website telling potential purchasers to “exercise caution.”
CoinMarketCap wrote on its squid game listing, “We have received many reports that users are unable to sell this token in Pancakeswap.” Pancakeswap is a decentralized crypto exchange (DEX) that allows users to trade digital assets anonymously while also creating fake markets utilizing disputed liquidity pools. Hacks and exploits deplete user cash on a daily basis on DEXs.
SQUID Coin Price Chart – Source: CoinMarketCap
“Please conduct your own research and trade with prudence! While clearly inspired by the Netflix series of the same name, this project is unlikely to be linked to the original IP “Added by CoinMarketCap. Netflix told CNBC that it is unconcerned about cryptocurrencies and does not support them.
Other crypto market observers have criticized the project’s opaque character, which has little public information and uses unprofessional language in its white paper. The unconfirmed claim that squid game tokens sold out in an October 20 presale in about one second was made in the white paper—a document aimed to market the unique attributes of a cryptocurrency.
“Why aren’t all the founders on LinkedIn?” enquired one crypto investor on Twitter. “Beware. High-risk situation.”
The amateurish squid game cryptocurrency website, which is littered with broken links, grammatical problems, and incomplete designs, also makes false claims about Tesla billionaire Elon Musk “shilling” the token through his tweets on the Netflix program.
The squid token in the Squid game appears to mirror the Netflix show’s concept, with participants playing a series of games that appear to remove certain people while rewarding others. The game is “coming soon,” according to the website, although there is no indication of when it will begin. The coin also has an “anti-dump mechanism,” according to the creators, to prevent customers from selling their tokens.