Netflix’s newest Korean TV series is a worldwide sensation as it follows adults playing children’s games for a large cash prize. However, in recent times, it has developed its own brand of crypto whose prices have been soaring.
SQUID is trading above $2.32, over 18,000% after hitting $0.01229 on October 26th. Trading squid may not be for everyone, so those interested should exercise caution.
As reported by CoinMarketCap, this token cannot be sold on Pancakeswap, a popular decentralized exchange.
Although the white paper for the coin doesn’t explain why some users cannot sell their tokens, it does describe an anti-dumping mechanism that prevents people from selling their coins if certain conditions are not met.
The parody coin, which reportedly sold out in one second after launching its presale on Oct. 20, joins a long list of parody cryptocurrencies that have skyrocketed for no specific reason, other than good press. For example, Shiba Inu coins doubled in price in the last week.
Squid tokens were launched by Squid Game, a blockchain-based play-to-earn platform. A tournament based on the show of the same name is launching online in November. Additionally, unlike the live version of Squid Game, which capped the total prize at $38.5 million for the grand prize winner, the virtual simulation will not limit the number of participants or the amount of the final bonus.
In order to participate in each round, players will, however, be required to pay a set amount in squid tokens, and certain rounds may also require users to purchase a custom-made NFT available on the company’s website.
Fans of the show have debated about the exact color of these NFTs, which include some guards who wear full-body pink suits and black masks covering their entire faces.
Even at current prices, the gameplay isn’t cheap. You must purchase an NFT and pay 15,000, or $33,450, to participate in the final game of the tournament.
In each round, developers receive 10% of the entry fee and the reward pool receives 90%.
In addition to Marbles Pools – a nod to the show – the Squid Game platform allows users to earn tokens through staking, which is putting up their cryptocurrency holdings as collateral for passive income.