Squid Game Token Rises By 45,000% Amid Concerns Of A Potential Racket

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• Squid Game Token makes a meteoric ascension as it surges by over 45,000% in a week.
• The asset’s rise has been marred by whispers that it might be a scam with analysts giving their reasons.
• The token reached $13 and managed a daily trading volume of over $8 million.

A few days after launch, Squid Game token has recorded remarkable growth that is reminiscent of the popularity of the show that inspired its creation. The asset has climbed over 45,000%, stealing some of the shine off Shiba Inu.

Squid Game Token

On Tuesday, SQUID was trading at around $0.01235 in less than three days, the asset has managed to record meteoric gains that have seen it trade at over $13. In the last 24 hours, the asset has gained over 300% while trading volumes over the last day have risen to $8.2 million. 

Its market capitalization is said to be at $10 billion and shows no signs of slowing down. At the start of the day, the token was trading at around $3 and managed to reach a peak of over $12 by the end.

The SQUID token is touted to be the only token to be used in the Squid Game project that is set to commence in November. Players of the game will be required to pay an entry fee of between 456 SQUID  – 15,000 SQUID with 10% going to the developers while the remaining 90% will be added to the price pool. After each round, players will be given an NFT that allows them access to the next round and the earned NFT can be traded. The winner of the game takes the reward pool just like the Korean TV series that it is modeled after.

Squid Game token is inspired by the hit Netflix series that ranked No 1 in the US after just four days of its release. The show has been viewed by over 82 million subscribers within a month of its release and tells the story of debt-ridden people playing children’s games for money with the macabre twist of death if they fail.

Concerns That It Could Be A Scam

There are some concerns that the Squid Game token may be a scam as multiple reports indicate that users cannot sell their tokens. CoinMarketCap placed a warning about the token on its website asking investors to do their research before investing.

“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,” reads the warning.

According to some analysts, the absence of the founders’ information on Linkedin raises a potential red flag. CoinGecko’s cofounder commented that the token will not be listed because it did not meet the listing criteria and that it is “most likely a scam”.

Others have cited poor grammar and spelling errors in its whitepaper as reasons for their belief that it might be a scam project. Scamadviser gives it a trust score of 45/100 but still, it continues to soar in popularity.