‘Squid Game’ cryptocurrency is surging, but CoinMarketCap issued a warning against it

‘Squid Game’ cryptocurrency is surging, but CoinMarketCap issued a warning against it

ENTERTAINMENT| OCT 30, 2021 | WOZINGA NEWS

‘Squid Game’ cryptocurrency is surging, but CoinMarketCap issued a warning against it

  • Squid Game project – a crypto play-to-earn platform launches the squid token as its exclusive coin.

By Elah Mae Ariate Wozinga Staff

Squid Game

Netflix’s new Korean-language drama “Squid Game,” about a deadly tournament of adults playing children’s games for a large cash prize, has become a worldwide sensation. It now has its cryptocurrency brand, which debuted with a massive price increase.

SQUID is trading at $2.22, up nearly 2,400% in the last 24 hours, and its market capitalization exceeds $174 million, CNBC reported.

NFTs features characters from the show

Players must pay a set price in squid tokens to participate in each game. Some rounds will also require users to purchase a custom-made NFT. It will be available for purchase on their website. Some of these NFTs features show characters, such as the guards, who wear full-body reddish-pink suits (the exact color has sparked a heated debate among show fans). Also, black masks covering their entire face.

Gameplay isn’t cheap, especially at these prices. If you want to play in the tournament’s final game, you must pay 15,000, or $33,450, and purchase an NFT.

Each round’s entry fees are split equally between developers (10%) and the reward pool (90 percent).

The Squid Game platform also has Marbles Pools — another show reference. It allow users to earn tokens by staking or putting their cryptocurrency holdings up as collateral to earn passive income.

CoinMarketCap issued a warning against ‘Squid Game’ cryptocurrency

Those interested in participating, however, should proceed with caution before trading squid. CoinMarketCap has issued a warning, citing “multiple reports” that user cannot sell this token on Pancakeswap, a popular decentralized exchange.

It’s unclear why some users can’t sell their tokens. However, the white paper that describes the coin includes anti-dumping technology that prevents people from selling their coins if they don’t meet certain conditions.

The coin, which began its presale on Oct. 20 and “sold out in 1 second,” according to its white paper, joins a long list of other parody cryptocurrencies that have seen significant price increases for no apparent reason other than good press. In the last week, for example, the meme-inspired shiba inu coin has doubled in value. The Squid Token is the official coin of the Squid Game project, which is a crypto play-to-earn platform. 

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