The South Korean blockbuster ‘Squid Game’ now has its own cryptocurrency, which has increased by over 400 % in 24 hours to trade at $10.85 USD. Furthermore, the novelty token ‘SQUID’ has a market capitalization of around $7,684,305,650.
According to CoinMarketCap, it was trading at $10.80, up 400.50%. Over the course of 24 hours, transaction volume increased by 77% to $11,119,274.
The Korean-language Netflix death-game drama grabbed news after becoming the platform’s most-watched show of all time. The pre-sale for the cryptocurrency occurred on October 20, and according to the whitepaper, it sold out “in 1 second.”
CoinMarketCap, for example, has issued a warning to interested users about the token, noting that it has “heard many reports that users are unable to sell this token on Pancakeswap,” and advising them to “trade with care.” Pancaskeswap is a well-known decentralized cryptocurrency trading platform.
While it’s unclear why users haven’t been able to trade the tokens, the whitepaper claims to contain anti-dumping technology that prohibits the coins from being sold if certain criteria aren’t followed, according to the article.
The whitepaper’s contacts did not react to any official inquiries, for now.
The currency was created as an “exclusive coin” for the Squid Game project, which is a crypto play-to-earn competition that will begin in November. The tournament, which has no maximum prize or a maximum number of players, will otherwise be similar to the show’s games – but without the “deadly repercussions,” according to the whitepaper.
Players will be required to pay a pre-determined amount in SQUID, and some rounds will require bespoke NFT, which will be available for purchase on their website. According to the article, the tournament’s final game will cost 15,000 tokens, or $33,450, plus an NFT. It goes on to say that the registration costs are split 10:90 between developers and the pooled winners’ sum.