Squid Game Cryptocurrency Shoots Up in First Few Days of Trading

By Aleksandra Wilson
4 min read October 29, 2021

Hello and welcome to yet another article discussing the far-reaching Squid Game craze. Can you blame us for tackling the wildly popular South Korean show? Netflix struck gold with the drama, so it’s only natural that it has expanded its influence on the digital world. And what we mean by that is that gamers have developed a Squid Game cryptocurrency!

So if you are both a fan of the show and a blockchain enthusiast, you will want to know about this.

What’s Up With the Squid?

The Squid cryptocurrency seems to be the new hot thing on the market. Just on Tuesday, the coin was worth a meager 1 cent, but come Friday and the value climbed to $4.39!

Is it perfect? No, of course. The developers have faced critiques for not letting investors resell tokens. Squid is one of those Play-to-Earn cryptocurrencies where people purchase tokens to use them in online games and earn more tokens in them. These tokens can be exchanged for other cryptos or fiat money.

Squid will be used by gamers buying it to play the online video game based on the beloved series. The game is arriving soon – in November already!

As with all Play-to-Earn models, you need to spend some dough to play. The gist is that individual rounds have costs to join. If you play the game version of Squid Game’s Round 1: Red Light, Green Light, you need to cash out 456 Squids beforehand. And as you advance in the next six rounds, the fees will get more expensive.

Certain rounds will also require buying customized NFTs that can be bought on the game’s website. Those NFTs vary in themes. Some feature popular characters from the show, such as the guards with their black masks and pink suits.

The game will also feature Marble Pools – another reference from the series – where players can earn tokens via staking. This encompasses putting up crypto holdings as collateral to earn passive income.

Large Reward Pool on the Horizon?

The Squid crypto has seen explosive growth even though it is in its infantile stages. Ever since the launch on 20 October, the coin increased by 2,700% in value.

The upcoming game will be based on the premise of the series itself. There, a group of randomly-picked strangers riddled with debt are chosen to compete in simple children’s playground games. But there is a twist – you lose, you die.

The show has earned the title of Netflix’s most popular series to date, and there is no reason to believe that gamers won’t be flocking to play the game based on it. The White Paper for the game and coin explained that the more people take part in the game, the larger the reward pool will get. Since you pay an entry fee to play the game, 90% will be going to you, and 10% will be allocated to the developers.

When all is said and done, the entry is not for those of shallow pockets. As we’ve said, the rounds get more expensive as you progress. The final game of the tournament currently sits at a whopping $33,500.

Warning Issued to Potential Buyers

But not all is looking peachy. Just as the children’s games in the show may seem innocent at first, the same goes for the freshly-minted Squid Game cryptocurrency.

If you want to take part in the SQUID coin craze, bear in mind that CoinMarketCap had to issue a warning regarding it. The popular crypto news source received a lot of reports from users complaining that they were unable to sell the token on the well-known decentralized exchange. While we don’t have a conclusion on this turn of events, the White Paper of the coin did state that the coin has anti-dumping tech that stops users from selling coins if some conditions aren’t met.

Nevertheless, the developers also stated in the White Papers that the coin sold out in just one second.

Whatever the future holds for the coin, one thing is for sure – the trend of seemingly parody cryptos continues. Remember that we were blessed with Dogecoin, now a serious player in the blockchain field, thanks to some jokingly posted tweets about a coin based on the Doge meme. And lo and behold, the Shiba Inu coin doubled in price last week.

So there is no saying where will we finish up with the Squid Game cryptocurrency. Will it be a passing fad, or is it here to stay? Only time will tell.

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