- Squid is now trading at $2.22, up nearly 2,400% in the previous 24 hours, with a market capitalization of more than $174 million.
- The Squid token was launched as the sole coin of the Squid Game project, which is a crypto play-to-earn platform.
"Squid Game," a new Netflix Korean-language show about a deadly tournament of adults playing children's games in the hopes of winning a large cash prize, has become a worldwide hit. It now has its own cryptocurrency, which debuted with a massive price increase.
SQUID is currently trading at $2.22, up about 2,400% in the last 24 hours, with a market capitalization of more than $174 million.
Those interested in participating, however, should proceed with caution before exchanging squid. CoinMarketCap has issued a caution, claiming that "several reports" have been received that users are unable to sell this currency on Pancakeswap, a prominent decentralised exchange.
It's unclear why certain users can't sell their tokens, but the coin's white paper outlines anti-dumping technology that prevents consumers from selling their tokens if certain requirements aren't met.
We reached out through contact information listed on the squid website to ask whether the developers were aware of the issue and working to solve it, but did not receive a response right away.
The currency, which began its presale on Oct. 20 and "sold out in 1 second," according to its white paper, joins a long history of other parody cryptocurrencies that have seen large price increases for no obvious reason other than good press. For example, the price of the meme-inspired shiba inu coin has doubled in the previous week.
The Squid token was introduced as the sole coin of the Squid Game project, a crypto play-to-earn platform. The online event, which begins in November, is modelled after the six rounds of games featured on the show of the same name. But, unlike Netflix, the corporation stated, "obviously, we do not provide deadly repercussions!"
In addition, unlike the series, which set the maximum final bonus at $38.5 million for the winner, this virtual simulation of Squid Game will not set a restriction on the number of participants or the maximum final bonus.
Players will, however, be required to spend a predetermined amount in squid tokens to play each game, and some games will also require players to acquire a custom-made NFT, which will be available for purchase on their website. The guards, who wear full-body reddish-pink costumes (the exact colour has sparked heated dispute among show fans) and black masks covering their entire face, are among the NFTs that feature characters from the show.
Gameplay isn't inexpensive, especially at today's costs. If you wish to play in the tournament's final game, you must spend $15,000 (about $33,450) and purchase an NFT.
Each round's entry costs are shared between the developers (10%) and the prize pool (10%). (90 percent ).
The Squid Game platform also has Marbles Pools — another show reference — where users can earn tokens by staking, or putting their bitcoin holdings up as collateral to generate passive income.
This comes in the wake of a recent rash of Squid Game-related scams and malware schemes, as cyber criminals look to lure fans.