A cryptocurrency based mostly on the hit Netflix present Squid Recreation spiked 40,000% in its first few days of buying and selling.
As of Sunday afternoon, SQUID had a worth of roughly $37.75 per coin, skyrocketing in lower than per week from $0.01235 per coin on its Tuesday launch date.
The obscure coin now instructions a market capitalization of over $419 million, the New York Put up experiences .
SCHOOLS SAY CHILDREN PLAYING SQUID GAME ON PLAYGROUNDS, HITTING AND KICKING EACHOTHER
Cryptocurrency web site CoinMarketCap warns merchants that there have been some experiences of individuals not having the ability to promote the coin as soon as they’ve purchased it, trapping their earnings within the market.
“Now we have obtained a number of experiences that the customers are usually not in a position to promote this token in Pancakeswap. Please train warning whereas buying and selling !” CoinMarketCap stated on its web site. Pancakeswap is a well-liked cryptocurrency change web site.
The problem could also be associated to an “anti-dump mechanism” the creators of the coin describe as a part of a simulation of the video games within the Netflix present.
“As you possibly can see, $SQUID implements an revolutionary anti-dump mechanism. Shopping for out there will launch promoting credit with a charge of two:1. $Marbles is the token constructed on BSC chain as the important thing for Squid Recreation. Acquiring Marbles with out utilizing violence is the important thing to Squid Recreation. Marbles holders may have the suitable to commerce SQUID freely,” the creators say in a Whitepaper PDF doc .
The coin is a part of a crypto play-to-earn platform that reportedly plans to incorporate a web based event subsequent month, in line with the coin’s description on CoinMarketCap. The event will likely be impressed by the lethal video games performed by characters within the present for prize cash.