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After the overwhelming success of Squid Game on Netflix, a cryptocurrency with a similar name to the series has grown tremendously in the past week.
SQUID tokens increase 3,500% in just one week
Surely if you are a regular Internet user, everyone has at least heard of the name Squid Game once in October. The series shown on Netflix has created a real fever in the world, attracting up to 142 million views globally after only 1 month to become the most successful series in the history of this online movie platform.
Capitalizing on the popularity of Squid Game, a cryptocurrency with a similar name has been released on Binance Smart Chain, which claims to build a blockchain game similar to the movie, while also integrating more features. NFT as unique characters and items to participate in rounds.
On the website, the project states that the Squid Game game will consist of 6 smaller minigames divided into 6 rounds, with the participation of 456 players, the only player who wins in the end will get the right to receive all the rewards. The condition to participate in the game is to hold SQUID tokens. Only those who pass this round can enter the next round. Each round will require an increasing SQUID fee, namely:
|Exam round||Participation fee||Reward|
|1. Red Light, Green Light||456 SQUID||456 SQUID|
|2. Dalgona Candy||1000 SQUID||1 NFT (level 1)|
|3. Tug of War||2000 SQUID + 1 NFT (level 1)||1 NFT (level 2)|
|4. Marbles||4000 SQUID + 1 NFT (level 2)||1 NFT (level 3)|
|5. The Glass Stepping Stones||8000 SQUID + 1 NFT (level 3)||1 NFT (level 4)|
|6. Squid Game||15000 SQUID + 1 NFT (level 4)||All rewards|
Even so, the project claims to withhold 10% of the rewards, giving only 90% to the winners.
Although it was only listed on PancakeSwap on October 21 for $ 0.011, but by 08:30 AM on November 1, Squid Game’s SQUID token price had reached $ 39.03, increasing to more than 3,500% after just one week. The trading volume of SQUID is also extremely impressive, with the last 3 days exceeding 15 million USD.
Squid Game claims that the SQUID token will have an “anti-dump” mechanism in the ratio of 2 buy: 1 sell. This means that after buying 2 SQUIDs, users can only sell 1. In addition, the project also has another token called Marbles (MARBLES), inspired by Axie Infinity’s SLP token. MARBLES tokens can only be earned through gaming. MARBLES holders will have the right to sell SQUIDs.
SQUID has a maximum total supply of 800 million units, while MARBLES has an initial issue of 21 million units, with an infinite total supply. With a price of 39 USD, SQUID owns a diluted capitalization of up to 31.2 billion USD.
According to the development roadmap, the game Squid Game said on the website that it will launch the game right in this November, as well as list the SQUID token on major exchanges, clearing the way for the launch on the mobile platform within the month. twelfth.
It can be said that since its launch, this Squid Game project has made many people questionable.
The first point and also the reason for the continuous increase in the price of the SQUID token is the fact that Buyers will not be able to sell tokens. Indeed, the mechanics of Squid Game stipulate that only MARBLES holders can sell SQUIDs, which means that those who missed the SQUID coin and want to sell now have to spend more money to buy MARBLE, or wait until the SQUID is sold. the game comes out then earn MARBLES by playing the game. In addition, the number of SQUIDs that can be sold depends on the percentage of MARBLES holding, so investors have to spend extra money to get out of the MARBLES position completely.
It has not stopped here, The cost to play the game is too big. With the current price of 39 USD, to participate in round 1, players have to spend 456 SQUID, equivalent to 17,784 USD. If they lose, they will lose this amount. If you get to round 6, the participation fee will even reach $585,000 – more than half a million dollars.
The price statistics website CoinMarketCap itself also had to post a warning about this Squid Game coin.
“We have received many reports that users are unable to sell this token on PancakeSwap. Users should do their own research and be wary of this project. This project is inspired by the Netflix series of the same name, but has no direct connection to it.”
The second is that although it completely imitates the movie from Netflix, this is a indie game project. Despite declaring Netflix as a partner, as well as the project team claiming to have many personnel with long experience from Netflix, Apple, Amazon, etc., but through investigation, some Twitter users claimed that it could not be verified. schedule these people. The “following” of the Squid Game movie, from the common use of motifs, images, brands, etc., can also lead to the game being sued for copyright later.
If you search for “Mabel Jah” the only related result you find is literally from their website. pic.twitter.com/5KvLZE6UgC
— Michele (@asparagiii) October 29, 2021
“The CEO cannot be found on LinkedIn. When searching for images of personnel on Google, the only results returned are from the website of the game Squid Game.”
2 things to notice in their homepage:
– they’re using actual show videos in here (DMCA takedown incoming)
– there’s a basically random reference to Elon Musk, though there’s never been explicit affiliation – when this happens it’s usually a scam pic.twitter.com/DY99HWfpIn
— Michele (@asparagiii) October 29, 2021
2 points to note on the project homepage:
– They are using images from the movie (very easy to get copyrighted)
– They do mention Elon Musk even though there is no connection – this is usually only used by scam projects.
Finally, Squid Game has a way of doing marketing that can be called “deliberately creating hype”. On the website, the project “proudly” hangs a banner announcing that it has received support from billionaire Elon Musk on Twitter.
However, this is just a move to “blur” investors to FOMO into SQUID, when in fact Elon Musk’s post just mentioned the movie Squid Game because of its success beyond expectations.
Squid Game is Squid Game for ISPs
— Elon Musk (@elonmusk) October 22, 2021
Besides, most of Squid Game’s posts on the main Twitter page also only update news about the increased SQUID price, rather than the actual progress of the game’s development.
From the above points, CHK considers that the Squid Game and the SQUID token is an extremely risky project, lacking a solid foundation as well as a vague token mechanism. Investors need to be very careful to avoid undesirable results.
On the afternoon of November 1, the Squid Game team announced on Telegram that they no longer want to continue building the project because “stressed when faced with attempts to hack Twitter accounts and smart contracts”. The Squid Game website is no longer accessible.
After that, a wallet allegedly owned by the development team dumped all SQUIDs on PancakeSwap, draining all $12 million of liquidity from the pool and causing the token price to drop 99.99% from over $2,856 to near zero.
Some people “sarcastic” that after all, only one person survived and made big money (project development team), true to the original motif of the Squid Game movie.
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