SQUID Game Token Investors Can’t Sell Their Tokens After 110,000% Rise

SQUID Game token investors saw a stunning 40,000% ROI but many users that invested are not able to cash out their gains and reported the project as a scam over the internet. In today’s altcoin news today, we are reading more about the latest developments.

The Squid Game token made some headlines in the crypto space worldwide this week but it might not be the miracle everyone was hoping for. After rising over 110,000% in less than a week, the reports of investors that we’re unable to sell their tokens after the strong gains are now starting to pop up all over the internet. The token is ranked #2905 on the crypto list on CoinMarketCap but the price aggregator already put a banner warning about the high risk of investing in the token because it could be blocking the sales which are clear for some crypto scams that we saw all over the history of crypto. Some users reported:

“We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”

2 things to notice in their homepage:
– they're using actual show videos in here (DMCA takedown incoming)
– there's a basically random reference to Elon Musk, though there's never been explicit affiliation – when this happens it's usually a scam pic.twitter.com/DY99HWfpIn

— Michele (@asparagiii) October 29, 2021

SQUID is just a week old and the token took inspiration from the Squid Game series, the popular show of broke contestants that faced off in childish but deadly games, all while trying to win a cash prize. The project promised a sort of crypto adaptation for the game and required contestants to take part in several games before walking away with teh huge price. To take part, each player had to pay a million dollars and take home a huge jackpot in case of being the only winner. Some people invested in the token to speculate without having to enter the game and found it impossible to collect their winnings. The tactic could be anti-dump protection but the game had a poorly written whitepaper which makes no mention of the market control mechanism.

This is simply the validation of plenty of red flags for the project. Many news outlets warned that the project’s site promoted tweets from Elon Musk supporting the project allegedly which later turned out to be fake. In addition, the development team members had no known background and it is hard to tell whether they exist or not. Despite all of the above, meme cryptos are becoming a global trend and many people are willing to buy tokens for the sake of participating in a global joke. This trend started with Dogecoin and then Shiba Inu which all reached a spot on the list and other tokens followed.