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Holders of the token will compete in online games based on the program, but it has been called a hoax.

As the value of various so-called “meme currencies” rises, a cryptocurrency inspired by the smash Netflix comedy Squid Game has risen more than 40,000 percent. The token mechanisms, on the other hand, appear to be suspect.

A squid game inspires tokens

The Squid Game has spawned a questionable meme.

The SQUID token was established by SquidGame, a Binance Smart Chain project that promises players the ability to play online games based on the blockbuster Netflix program.

The SQUID coin was selling at roughly $0.012 on Tuesday, six days after its introduction, according to CoinMarketCap data. Since then, the token appears to have been swept up in the latest meme coin craze, with its value rising by over 40,000%.

At the time of publication, each SQUID token cost $5.44.

SQUID/USD chart. Source CoinMarketCap

The makers of SquidGame express plans for an interactive game in which holders can stake SQUID tokens to participate in online games inspired by the Netflix program on the SquidGame website. According to the project’s whitepaper, each game requires a different number of tokens to participate. The highest stake game requires 15,000 SQUID tokens, worth about $75,000 at current pricing.

To begin, each game requires 456 players. In the end, one winner will get 90% of the prize pool, with the remaining 10% going to the game’s creators.

The project’s self-described “anti-dump mechanism” is partly to blame for the SQUID token’s meteoric climb. Holders can only sell SQUID worth half of the trading pool’s buying power. According to the initiative, holders can also freely sell SQUID tokens by holding and burning an extra token called Marbles.

Many customers have been unable to sell their SQUID tokens due to the “anti-dump system,” prompting others to call the initiative a hoax.

Several so-called “meme tokens” have seen their value skyrocket in the last week. Other tokens, such as SafeMoon, have seen significant increases in dog currencies such as Shiba Inu and Samoyedcoin, achieving new all-time highs.

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