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Squid Game Token is up 40,000%, but investors cannot sell



A newly created cryptocurrency named after the Netflix hit “Squid Game” has seen enormous increases in value.

In the past week, several so-called “meme tokens” have risen sharply in value. A Binance smart chain project called SquidGame has developed the SQUID token, which offers users the opportunity to participate in online games based on the successful Netflix series.

Data from CoinMarketCap shows that the SQUID token traded at around $ 0.012 on Tuesday, six days after it was launched. Since then, the token appears to have been swept away by the recent meme coin mania and has soared over 40,000%.

However, users of the SQUID token referring to the series are now struggling to sell the digital currency on the Pancakeswap platform. This emerges from a message that appeared on CoinMarketCap. It says:

“We have received several reports that users are unable to sell this token in Pancakeswap. Please do your own due diligence and exercise caution when trading! While this project is clearly inspired by the Netflix show of the same name, it is unlikely to be related to the official IP. "

On the SquidGame website, the developers announce their plans for an interactive game in which SQUID tokens can be used to participate in online games inspired by the Netflix series.

According to the project's whitepaper, each game requires a different number of tokens, with the highest stake game requiring 15,000 SQUID tokens, which is nearly $ 75,000 at current prices.

However, tech website Gizmodo found that the whitepaper is littered with spelling and grammar errors, among other things. The tech website also pointed out that a previous online game and token related to the hit Disney Star Wars Series "The Mandalorian" later turned out to be a scam.

The fact that a cryptocurrency cannot be converted into a traditional currency is just one of the greatest risks of cryptocurrencies.

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