SQUID, a new cryptocurrency token inspired by the show Squid Game, increased in value by up to 2,400% last Friday, October 29, 2021. The token started its presale back on the 20th of October where it sold out in one second.
On Tuesday, October 26th, the token was worth 1 cent apiece and at the time of writing, it’s now worth $2.22 or €1.92. As for its market capitalization, it is now recorded to have more than $174 million.
SQUID is an exclusive token to the crypto play-to-earn platform, Squid Game project, which contains a series of games that emulate the ones seen on the show. Although it shares the same name, the developers said that it’s not affiliated with the Netflix show in any way. The company also jokingly stated that, unlike the show, their games won’t have any deadly consequences.
Players would have to pay a certain amount of SQUID to join where they’ll have a chance to win more tokens; some rounds would even require them to purchase non-fungible tokens or NFTs. These NFTs include artworks that feature characters from the show with the most famous ones being the guards that wear the iconic pink suit.
The game contains 6 rounds in total and the entrance fee gets more expensive with each round. During the last level, players are required to pay 15,000 SQUID tokens which is equal to €28,933.41. On top of that, they’d also have to buy a custom-made NFT.
The more players join in a single game, the higher the prize pool will be. For the entrance fees collected by the game, 90% will go to the prize pool while 10% will be given to the platform’s developers.
Although people have already invested in SQUID, the much-awaited tournament won’t be released until November.
Aside from the tournament itself, the Squid Game platform will also allow investors to earn SQUID through staking in the form of Marbles Pools, which is another reference to the show. This allows holders to put up their crypto holdings as insurance to earn passive income.
One problem that the company is currently facing is that several users reported that they weren’t able to sell their assets on PancakeSwap, a decentralized exchange for tokens.
It is still quite uncertain as to why this is happening, but some users think it has something to do with the platform’s use of anti-dumping technology. Anti-dumping limits the holder’s ability to resell their assets if there are not enough coins being bought in the market. However, there is still no official statement from the developers that explains the real reason behind the issue.
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