FOLLOW US

Squid Game, the new Korean Netflix show about the lethal tournament of adults competing in children’s games is the talk of the hour. But, the Korean show isn’t the only thing that is trending as a cryptocurrency about Squid Game called SQUID is surging in price exponentially.

The cryptocurrency of the show SQUID is trading at $2.22, up more than 2,400% during the last 24 hours. Meanwhile, the token’s market capitalization surged above $174 million.

Nonetheless, before investing in the stock; investors might have to take caution. According to CoinMarketCap, there were “multiple reports” from users. The warning stated that several users weren’t able to sell SQUID on Pancakeswap — a popular decentralized exchange platform.

The reason behind that is still unclear. However, the SQUID whitepaper has described that sellers can’t sell the coin under some conditions as an anti-dumping technology.

SQUID to launch a tournament similar to the show

The digital token started its presale on October 20. According to its white paper, it “sold out in 1 second”. And, this is not the first time that a parody cryptocurrency surges in price in such a manner and get sold out in a record time. For instance, the Shiba Inu coin has doubled its price in the last week.

SQUID represents the official coin of the Squid Game project. The project is a play-to-earn platform. Meanwhile, the platform is intending to launch a tournament similar in November that mimics the six rounds of games in the TV show. However, contrary to the show the company explained “we do not provide deadly consequences apparently!”. Additionally, the prize of $38.5 million for the final winners and the number of participants in the show will not be the same.

Nonetheless, players will have to pay a pre-set price in squid tokens to participate in each of the tournament’s games. Some rounds will also oblige users to purchase a custom-made NFT available for sale on their website. Some of the NFTs include characters from the show.

That being said, participation in the game will come at a hard price. This is because taking part in the final game of the tournament will cost $15,000 or $33,450, and participants should buy NFTs.

Entry fees from each of the rounds are split between developers (10%) and the reward pool (90%).