In September, Netflix released the hit show Squid Game- a Korean language TV show about a deadly tournament of adults playing kids games in hopes of winning a cash prize. After its huge success, the show now has its very own brand of cryptocurrency that has launched with an impressive price surge.
SQUID is now trading at $2.22, an increase of over 2,400% in just 24 hours. The coin’s market capitalization is above $174 million.
However, those who are keen to invest in SQUID should do so with caution. CoinMarketCap has issued a warning saying that it has received a number of reports that the token cannot be sold on Pancakeswap- a popular exchange.
It is not yet clear why some people cannot sell the tokens however, a white paper describing the coin does reveal an anti-dumping technology that will block users from selling the tokens if certain conditions are not met.
Squid began its presale on October 20 and sold out within seconds. The coin joins a list of parody currencies that have experienced big surges for no reason, other than good publicity. Shiba Inu– the meme inspired coin- has doubled in price over the last week.
SQUID was launched as an exclusive coin of the Squid Game project- a crypto play-to-earn platform. The online tournament will launch in November and will mimic the six rounds of games that were featured in the TV show. Fortunately, there will be no deadly consequences in this version of the game!
The virtual version of Squid Game will not put a limit on the final prize or the number of participants. In order to participate, players will have to play a preset prize of SQUID tokens and some rounds will also require players to pay custom-made NFTs. The NFTs are available to buy on the company’s website.
Some of the NFTs feature characters from the show, including the iconic guards. If you want to take part in the virtual Squid Game, you will have to pay 15,000 SQUID ($33,450) and purchase an NFT.
The entry fees from each round will be split between the developers (10%) and the reward pool (90%).
The Squid Game platform is also offering Marbles Pools, in which coin holders can earn tokens through staking. Staking involves holders putting up their cryptocurrency as collateral to earn passive income.
