A new token, Squid Game (SQUID) — inspired by the eponymous Netflix show — has posted 45,000% growth in a few days afterwards launching earlier this week, only multiple investors are reportedly unable to sell the token.

"We have received multiple reports that the users are non able to sell this token in PancakeSwap. Delight exercise circumspection while trading," major crypto tracking website CoinMarketCap noted in a alert virtually the SQUID token on its website.

Co-ordinate to CMC, PancakeSwap is the only market bachelor for trading SQUID at the time of writing. The token is trading at ​​$5.71 and is amid the summit gainers on CMC, with a daily trading book of $7 one thousand thousand.

SQUID toll chart. Source: CoinMarketCap

Amid SQUID'south mind-blowing growth coupled with reports on the inability to sell the token, some enthusiasts in the crypto community have declared that the new coin is likely to be a scam scheme.

Twitter user Crypto Tyrion observed that the Squid Game token founders, who are mentioned on its website, are non on major professional network LinkedIn. They also stressed that the Squid Game token was blocking Twitter comments. "100% rug pull," Crypto Tyrion said.

Some observers as well pointed out credible problems in the Squid Game token's white paper, including poor grammar, spelling errors and claims that are "impossible to verify." According to popular scam-cheque source Scamadviser, the Squid Game token'due south website is suspicious, with a trust score of 45 out of 100.

The idea of the Squid Game token is inspired by Netflix'southward eponymous bear witness where players risk their lives to play deadly games in hope of a large payout. The token is said to allow players to participate in six online games, with the goal of winning prize coin.

On Fri, CMC issued a post noting that SQUID's rally may mean that playing the Squid Game described in the project'due south white paper may be unaffordable for near participants due to SQUID holdings requirements. Equally such, the sixth, final game would crave players to concord 15,000 SQUID, which is over $80,000 at the time of writing.

CMC's major rival, CoinGecko, has preferred to stay away from SQUID. "This token did not meet our listing criteria hence it will not be listed on CoinGecko. It's nearly likely a scam," CoinGecko co-founder Bobby Ong told Cointelegraph. He also stressed that CoinGecko is not the Squid Game token's partner, as mentioned on its website: "This is most certainly not true and we are non a partner nor are we affiliated with Squid Game."

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In its white newspaper, the Squid Game token is said to implement an "anti-dump machinery" that prevents investors from selling their coins in a similar mode to major cryptocurrencies like Bitcoin (BTC). Specifically, users must hold and then-called "Marbles" tokens in order to sell a certain corporeality of SQUID, the white newspaper notes:

"If y'all hold some Marbles, you can sell sure corporeality of SQUID at whatever fourth dimension you want on PancakeSwap. After you sell some SQUID those Marbles in your wallet will be automatically burned."

The white paper doesn't provide much information about Marbles other than that "Obtaining Marbles without using violence is the central to Squid Game."

"Liquidity of SQUID will be locked for three years on DxSale which prevents any unseen and immediate changes to SQUID liquidity pool. Unlock appointment is October 20th, 2024," the white paper also reads.

Cointelegraph reached out through contact information listed on the Squid Game website with additional queries simply didn't hear dorsum immediately.