Just recently, a new token was launched that managed to catch the attention of almost the entire cryptocurrency industry. The name of the new token was Squid Game (SQUID) that was inspired by the South Korean Netflix Show “Squid Game”.
Right after the launch, the token demonstrated huge potential as the investors flocked to the digital token due to its popularity. In a matter of days, the price, trade volume, and market valuation of the digital asset surged by 45,000%.
There were several investors who were able to generate huge gains through the digital asset. However, there was one major problem, which was that majority of the investors had not liquidated their gains.
Unfortunately, these investors are still unable to liquidate their gains for the SQUID token. This happened because the investors have reported that they are unable to sell the SQUID tokens they have in their possession.
CoinMarketCap, one of the major cryptocurrency tracking websites has shared its remarks and data it has collected surrounding the SQUID tokens. The firm has revealed that they have recorded several complaints being filed by investors being unable to sell their tokens.
Several investors have reported that they are unable to sell their tokens through the PancakeSwap network. The number of complaints is constantly rising and the issue is turning into a huge problem for the cryptocurrency exchanges.
At present, PancakeSwap is the only network that is facilitating the draws for the SQUID tokens. At the time of writing, the unit price for the SQUID token is $5.71. It is currently on the list of the top gainers on the CoinMarketCap portal. The platform’s daily trading volume has even surpassed the $7 million figure, which is a huge achievement for the digital token.
CoinMarketCap (CMC) has even posted a warning on its platform in regards to the SQUID token. Given the current situation of the digital asset, it is unsafe to continue trading in the digital asset, until the investors are able to sell their tokens.
There are some cryptocurrency enthusiasts within the crypto community making all sorts of claims about the digital token. Some members have even alleged the SQUID token to be a scamming scheme. They are speculating that the digital asset was nothing but a rug-pull and the developers of the platform would be long gone.
Crypto Tyrion, one of the Twitter users has reported that he went through the profiles of the founders of the Squid Game token. He tried looking the founders up on the LinkedIn platform but he wasn’t able to find anything there.
He also claimed that he wasn’t able to post any comments or add any tweets on their profiles or the SQUID profile. This strongly suggests that the SQUID token was nothing more than a rug-pull and a scam.
The post Squid Game (SQUID) turns out to be a Scam as Users Can’t Sell it appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/squid-game-squid-turns-out-to-be-a-scam-as-users-cant-sell-it/
via Bitcoin News
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