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SQUID Investors Cannot Sell Their Tokens After a 110,000% Spike, Raising Too Many Red Flags to Ignore

The SQUID token made headlines in various financial and cryptocurrency media around the world this week. Still, it might not be the miracle everyone was hoping for.

After rising over 110,000% in less than a week, reports of “investors” who have been unable to sell their tokens after astronomical gains are starting to pop up all over the internet.

The token is ranked #2905 among the cryptocurrencies listed on Coinmarketcap, but the price aggregator itself has already put up a banner warning about the high risk of investing in the token because it might be blocking the posterior sales -something ubiquitous in several crypto scams.

Social Media: An Invisible Power That Gives Value to the Worthless

But despite all of the above, meme cryptocurrencies are a global trend. Many people are willing to buy tokens just for the sake of participating in a sort of global joke.

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From tungsten cubes to tokens like ElonSperm or FuckElon —depending on the sentiment of Crypto Twitter towards The Dogefather— the trend of driving up the price of a token by means of a community effort is something that has cemented itself in the foundations of the crypto-verse over the years.

The trend started with Dogecoin, a meme cryptocurrency that made it all the way to the top 10. Shiba Inu also reached a spot on this prestigious list. Other tokens such as Safemoon, Cumrocket, Floki Inu have also enjoyed their five minutes of fame.

And NFT collectors are keeping up with the trend. Rocks, Kittens, and numbers on black backgrounds have been traded for hundreds of thousands – and even millions of dollars.

So it’s no wonder that many don’t feel ripped off by holding worthless tokens from a popular TV show. While some despair at the loss of money, others happily throw away their fortune “for the lols.”

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Tags: Crypto Scams DeFi

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