Shiba Inu, the meme-based cryptocurrency that this week has challenged dogecoin for memecoin supremacy, could face a new rival.
Squid Game, a cryptocurrency inspired by the hugely popular Netflix in Korean
NFLX
However, even as the price of Squid Game's squid token skyrockets, multiple warnings about its legitimacy have been issued with crypto data website CoinMarketCap advising potential buyers to "be careful."
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The price of shiba inu has risen this week, boosting the meme-based cryptocurrency in the ... [+]
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"We have received multiple reports that users are unable to sell this token on Pancakeswap," CoinMarketCap posted on their squid game. list. Pancakeswap is a decentralized crypto exchange (DEX) that allows users to exchange digital assets anonymously and use controversial pools of liquidity to create artificial markets. DEXs are regularly affected by attacks and exploits that drain users' funds.
"Please do your own due diligence and be careful when trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP," added CoinMarketCap. Netflix said CNBC he is not involved with cryptocurrency and does not endorse it.
Other observers of the cryptocurrency market have pointed out the opaque nature of the project that has little public information available and the amateurish language used in its White paper. The white paper, a document designed to sell the unique characteristics of a cryptocurrency, made the unverified claim that squid game tokens were sold out in an October 20 pre-sale in just one second.
"Why aren't all the founders on LinkedIn?" Asked a crypto investor via Twitter. "Watch out. High risk."
The sloppy squid game cryptocurrency website, riddled with broken links, grammatical errors and unfinished designs, also makes misleading claims about Tesla billionaire Elon Musk "checking" the token, using his tweets about the Netflix show.
The squid token from the game Squid apparently follows the Netflix show format, with users playing a series of games that appear to knock out some users while rewarding others. The website claims that the game is "coming soon," but does not say when it will start. The token also features what the developers describe as an "anti-dumping mechanism" to discourage buyers from downloading their tokens.
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CoinMarketCap first listed the Squid Game cryptocurrency inspired by the Netflix show this week, with its ... [+]
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The squid game's huge chip rally comes as the doge meme-inspired shiba inu continues to make huge profits. Shib is currently up around 1,000% in the last month alone, adding to an even bigger price increase since its launch in 2020.
Shiba inu has displaced dogecoin as the world's most valuable memecoin this week, with both doge and shib now boasting market capitalizations of around $ 40 billion.
Both dogecoin and shiba inu have climbed this year thanks to the support of high-profile crypto influencers such as Musk and tech investor Mark Cuban. Many in the crypto community have warned against people speculating on the price of these memecoins, with veteran trader Glen Goodman describing it as "gambling."
