JAKARTA – The Squid Game Token (SQUID), which was inspired by the Netflix series, is reported to have skyrocketed by 75,000 percent, but the SQUID token suddenly fell to almost zero. Currently, the links to his website and social media are suddenly gone. SQUID is suspected of being scamming or fraudulent.
Several reports from traders claim they cannot sell SQUID tokens and make withdrawals via the decentralized crypto exchange PancakeSwap. CoinMarketCap itself has revealed that many reports have come in regarding links to the SQUID website and social media that are no longer accessible. PancakeSwap has also closed SQUID trading because the token was identified as a token scam.
Based on the SQUID project whitepaper, the token is a play-to-earn cryptocurrency inspired by the South Korean film series, Squid Game, which tells the story of game participants who can end up with death or wealth.
According to Business Insider, the price of the Squid Game token has skyrocketed from $0.01 on Tuesday to $38 on Sunday, according to data from CoinMarketCap. SQUID rose again to the price of 90 US dollars on Monday morning, then skyrocketed again to break through 2,861 US dollars before the token fell to 0.003467 US dollars the next morning.
“The scam has completed its cycle, and the price has just dropped significantly”, CoinGecko co-founder Bobby Ong told Insider.
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“Deleted websites and social media accounts are a very clear sign that it is a scam”, Ong added.
Previously, many Twitter users suspected the SQUID token to be a scam. Some of the things that made them suspicious were the lack of transparency of the founder of the token, also Elon Musk's false comments made as if he supported SQUID, also the mention of CoinGecko as a partner which the company denied.
"The more people join, the bigger the prize pool", says the SQUID token document, quoted by the BBC.
In addition, the note also mentions that there are restrictions on sales by traders with the reason to reduce "anti-dumping" actions. Until now, the token provider at PancakeSwap cannot be contacted, PancakeSwap has also not issued an official statement regarding this problem.
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