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‘Squid Game’ cryptocurrency up nearly 2,400% in the last 24 hours


Scene from the Netflix series “Squid Game”.

Netflix

NetflixThe sensational new Korean language show, “Squid Game”, which features a tournament in which adults play children’s games to win a large cash prize, is hugely popular. The show’s own brand of cryptocurrency has also been launched, with huge prices.

SQUID trades at $2.22. This is nearly 2400% higher than the previous 24 hours and it has a market capitalization of over $174 Million.

However, anyone interested in trading SQUID may wish to be careful. CoinMarketCap issued a warningAccording to a Pancakeswap spokesperson, it has received multiple reports that some users cannot sell their tokens on the popular decentralized marketplace. While it’s not known why users have difficulty selling tokens, Pancakeswap has outlined an antidumping technology in the paper that will prevent them from selling coins.

CNBC reached out to the SQUID contact info to inquire if the developers knew about the issue and were working on fixing it. They didn’t respond immediately.

This coin was presaled on October 20, and “sold out in one second”. according to its white paperThis parody cryptocurrency is now part of a growing list that’s seen big runs-ups for little other than publicity. For example, the meme-inspired Shiba Inu coin has had a successful run-up. doubled in priceLast week.

The SQUID token was launched as the exclusive coin of the Squid Game project – a crypto play-to-earn platform. Online tournament launches in NovemberThe company mimics six games from the show’s name, but, unlike Netflix, it says that they don’t have deadly consequences.

This virtual Squid Game simulation will allow participants to participate in the finale bonus without limiting the amount of money they can win.

However, each round will require players to buy a NFT and pay a set price in SQUID tokens to take part in the game. available for sale on their website. These NFTs also feature NFT characters, like the guards in full-body reddish/pink suits. a heated debateShow fans love black faces and wearing masks.

Even at today’s prices, gameplay isn’t cheap. To take part in final round of tournament you will need to spend 15,000 SQUID or $33,450 and buy an NFT.

The entry fees for each round are divided between the developers (10%) as well as the reward pool (90%).

The Squid Game platform also offers Marbles Pools — yet another reference to the show — wherein holders can earn tokens through staking, which is putting up their cryptocurrency holdings as collateral to earn passive income.

Cybercriminals are trying to attract fans with a spate of Squid Game-related malware scams.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.