Everyone knows about the Korean Squid Game show on Netflix. Turns out, it has its own cryptocurrency that recently launched with a massive price run-up.
The Squid Game cryptocurrency, called SQUID, is trading at $3.03 and is up a further 588% at the press time.
Yesterday, it increased almost 2,400% in only 24 hours with a market cap of $174 million. But CoinMarketCap has warned people saying they have received numerous reports that users cannot sell this token on Pancakeswap. Although the reason still remains unclear, the whitepaper mentions that coin has anti-dumping technology. This technology prevents users from selling the coins if they don’t meet certain conditions.
SQUID started its presale on Oct. 20 and sold out in one second. This isn’t the only coin that has witnessed a huge price surge due to the hype and no other significant reasons. For example, Shiba Inu (a meme-inspired coin) doubled in price last week.
Moreover, there is a Squid Game project in the works, which is a crypto play-to-earn platform. It will be an online tournament, launching in November, similar to the games featured in the show. However, it will not have deadly consequences like the TV show as the company clearly stated, “we do not provide deadly consequences apparently!”
The sensational coin SQUID was launched for this project as players will have to pay the participation fees via these tokens. This explains why everyone has bought these coins so fast; it seems like everyone is eager to play this virtual game. Although it has taken the idea from its namesake TV show, the game will be quite different.
