Squid Game Has Its Crypto Token, SQUID Up 35,000% in 3 Days
Coinspeaker
Squid Game Has Its Crypto Token, SQUID Up 35,000% in 3 Days
Since the last few weeks, the Korean-language show Squid Game has become one of the most popular on Netflix but not only that, it would interest the fans of the TV series in knowing that Squid Game now has crypto token SQUID, the price of which is performing tremendously.
The presale of the SQUID token started on October 20 and it quickly sold out allowing it to join an exalted list of several cryptocurrencies that have enjoyed big run-ups due to their publicity. An example of one such asset is Shiba Inu, which is dubbed the Doge killer, saw its value surge massively in the past week.
It was launched to be offered as a reward for the Squid Game project (a crypto play-to-earn platform). Players would also use the token to pay a preset price to participate in the game. The game does not limit the final bonus nor the number of participants.
Per the CNBC report, users would be required to purchase “custom-made NFT, available for sale on their website” in some rounds. These NFTs are characters from the popular movie show and they also include the guards who would be wearing the full-body reddish-pink suits plus the masks covering their entire faces.
One feature of the asset includes the Marble Pool that would allow holders of the token to earn more through staking rewards by staking the asset.
According to available information shows that as of Tuesday, SQUID was trading around 1 cent. Interestingly, it spiked to as high as $2.34 on Friday. In the last 24 hours, Its gains are nearly 2,400%, with its market capitalization well above $174 million.
While this price action may spur interest in the dystopian series fans to jump into SQUID coin purchase, a popular crypto market price tracker, CoinMarketCap, has issued a warning regarding a problem surrounding the token. Based on the available information that the market tracker claimed to have received, “users are unable to sell Squid on Pancakeswap.”
Although the reason for this is not well known, the project’s White paper offers some bit of clarity. According to the project white paper, there is an anti-dumping technology that prevents holders from selling at will unless some criteria are met.
Attempts to reach the project developers have been unsuccessful as they are yet to respond as of press time.
It is important to note that play-to-earn games are now a big trend. Their popularity has grown exponentially during the pandemic, boosting the GameFi technology sector.