Scene from Netflix’s “Squid Game”
The new Korean-language Netflix show “Squid Game” about a deadly tournament of adults playing children’s games in hopes of winning a big cash prize is a worldwide sensation. Now it’s also its own brand of cryptocurrency that hit the market with a huge surge in price.
SQUID is trading at $ 2.22, up nearly 2,400% in the past 24 hours, and its market cap is over $ 174 million.
However, anyone interested in participating should exercise caution before trading in SQUID. CoinMarketCap has issued a warning that it has received “multiple reports” that users cannot sell this token on Pancakeswap, a popular decentralized exchange. It’s unclear why some users can’t sell their tokens, but the white paper describing the coin contains anti-dumping technology that prevents people from selling their coins if certain conditions aren’t met.
Using the contact information listed on the SQUID website, CNBC asked if the developers know the problem and are working to fix it and did not get an immediate response.
The coin, which began presale on October 20th and apparently “sold out in 1 second” according to its whitepaper, joins a list of other parody cryptocurrencies that have made big hits for no particular reason other than good advertising . The meme-inspired Shiba-Inu coin, for example, has doubled in price over the past week.
The SQUID token was introduced as an exclusive coin of the Squid Game Project – a crypto play-to-earn platform. The online tournament, which kicks off in November, mimics the six rounds of the TV show of the same name, but unlike its Netflix counterpart, the company says, “We don’t seem to have any fatal consequences!”
Also in contrast to the series, in which the grand prize for the final winner was capped at 38.5 million US dollars, this virtual simulation of Squid Game will not limit the maximum of the final bonus or the number of participants.
However, players will have to pay a preset price in SQUID tokens to be able to participate in each game and in some rounds users will also have to purchase a bespoke NFT which will be available for sale on their website. Some of these NFTs feature characters from the show, including the guards wearing reddish-pink body suits (the exact color scheme has sparked heated debate among show fans) and black masks covering their entire faces.
Gameplay doesn’t come cheap, especially at current prices. If you want to play the final game of the tournament, you need to pay 15,000 SQUID, or $ 33,450, and buy an NFT.
The entry fees from each of the rounds are split between developers (10%) and the reward pool (90%).
The Squid Game platform also features Marbles Pools – another reference to the show – which allow holders to earn tokens through staking, which can deposit their cryptocurrency holdings as collateral for passive income.
It does so amid a recent flurry of Squid Game-related scams and malware schemes as cyber criminals attempt to lure fans in.