Squid Game-inspired token released; price up almost 300% in 24 hours.

A token named Squid, inspired by the popular Netflix series ‘Squid Game’, has been released. Its price is rising rapidly, but users report difficulties selling the asset on PancakeSwap.

The coin is launched as an exclusive token of the gaming project Squid Game. The online tournament, scheduled to start in November, mimics six rounds of games shown in the series of the same name.

Participants may be holders of Squid tokens and NFTs released by the project team. Some of them depict characters from the series — both players and guards.

Participation costs increase with each round. For the first, you must pay 456 SQUID, and for the final — 15,000 SQUID and purchase 1 NFT.

Compared with the TV show’s rules, in the online game the final prize and the number of participants are not limited, according to the project’s white paper.

10% of the entry fee for each round goes to the developers’ wallets, and the remaining 90% — to the prize fund for the finalist, according to the document.

As of writing, the coin trades at $4.65. The 24-hour rise has surpassed 275%.

Meanwhile, CoinMarketCap carries a warning to investors about “several reports” that users are allegedly unable to sell this token on PancakeSwap.

The developers claim the presale that started on October 20 ended in 1 second. In the sale, “800,000 SQUID could be purchased for BNB”, according to the white paper. The token appeared on PancakeSwap on October 21. A total of 800 million coins will be issued.

Also within the project, the developers issued additional tokens — Marbles. Holders of Marbles have no restrictions on selling SQUID on PancakeSwap, while Marbles are burned.

For others, the so-called “anti-dump mechanism” has been implemented, which allows selling only half of the purchased SQUID.

Earlier in October, the native token of the blockchain game Axie Infinity rose by 115%.

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