A mysterious Squid Game token recently appeared on the PancakeSwap marketplace. While it may attract attention through its name, it could well become a scam attempt to attract fans of the series and get money from them. Is the "squid game" craze taking over the crypto world too? In any case, a mysterious cryptoasset project has been reaching huge sums since its launch on October 26. Launched at a price of $ 0.012, on Friday it was worth $ 4.50. . Until Thursday, it registered an increase of almost 2,400% in 24 hours. So why is this cryptocurrency causing such an impact? It seems the only reason is the power of the "Squid Game" brand.
It's impossible to ignore the recent Korean Netflix series that is a worldwide sensation. The plot centers on a deadly competition where the prize is a large amount of money. To win, players must play children's games, and one misstep equals death. This series has broken records for Netflix around the world.
A potentially dangerous 'cryptocurrency'?
However, caution should be exercised when it comes to this cryptocurrency, the process of which is proving a bit murky. CoinMarketCap has issued a warning as many users have found that they cannot sell these tokens. The reason? The whitepaper for this cryptocurrency describes an anti-dumping technology that prevents buyers from reselling their coins if certain conditions are not met. This type of token is particularly popular right now for certain schemes that involve creating value for the creator and leaving others high and dry. These cryptocurrencies often do not have a clear and specific purpose and do not have any particular new technology project. In short, they simply navigate the success of a trend or meme to acquire value.
This particular token was launched as an exclusive form of payment for a "Squid Game" project created by gamer fans, a platform that will allow users to play and win money in an online tournament, known as "play to win. ". This competition will launch in November and mimics the series by offering six games; the overall winner will win a sum yet to be determined.
CoinMarketCap's warning comes amid a recent spate of "Squid Game" -related scams and malware, with cybercriminals looking to attract fans. This cryptocurrency is not officially linked to the series.
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