A new token with scam-like tendencies is on the crypto radar at the moment. The Squid Game Token (SQUID) was launched after the phenomenal success of the popular South Korean show. The cryptocurrency then went on to perform like a big pump-and-dump scheme as its valuation skyrocketed to as high as 45000% in a matter of weeks. However, the coin is in trouble now as withdrawals aren’t working really well.
Many early bird investors who felt they were plucky and were trying to profit from the token are now complaining that their tokens are unsellable. The coin is based on Pancake Swap platform and even after such monster price movement, the cryptocurrency is still facing problems and too early in its lifecycle. This is giving rise to concerns that the SQUID token may just be another scam in the market.
According to Coinmarketcap, a major coin analyst and third party analyzer:
“We have received multiple reports that the users are not able to sell this token in PancakeSwap. Please exercise caution while trading”
The issue is also exacerbated by the fact that the token is only being traded on Pancake Swap platform and there is no other option to turn to if that doesn’t work. Currently, the token is experiencing a trading volume of almost $7 million which is insane considering its weak credentials and shady workings.
According to one Twitter crypto commentator:
Why all the founders are not on linkedin?
Beware.
I was going to ape, closed telegram groups, no founders on linkedin.
High Risk.
Rating: ❌❌❌❌$squid#SquidGameToken https://t.co/GjoDmjYNC5
— Crypto Tyrion (@Cryptotyrion) October 29, 2021
So, the founders aren’t even on LinkedIn and even its whitepaper has some serious issues. There are plenty of instances of wrong grammatical usage, scores of spelling errors and wild claims that are impossible to verify by a third party. The website itself is not very assuring with popular scam advisory giving it 45/100 trust rating. So, even a coin with such shady disposition is seeing such rises and high trading volumes.
This is a lesson for every trader currently trying his/her luck in the crypto market right now. Just because a new project is attracting huge numbers doesn’t mean there is anything worthwhile within it and therefore, there are chances that the projects is viable at all. These scams have come and gone and people haven’t learned anything from them at all.
Image Source: pixabay.com
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