The latest Korean language show “Squid Game” which is about a deadly tournament of adults who play games of the children to win a lump sum amount of cash is taking the OTT platform by storm. It has become a global sensation. Now, this show has its own brand of digital currency, the Squid Game cryptocurrency which has been launched with a massive run up in price.
All About The Squid Game Cryptocurrency
The Squid Game cryptocurrency was released as an exclusive crypto of the Squid Game project on the Binance Smart Chain network. The token name for Squid Game cryptocurrency is SQUID which is presently trading at $3.05, which is an increase of nearly 2400% over the past 24 hours. Along with that, it has a present market capitalization of $174 million.
However, players who wish to take part may want to exercise caution before starting to trade SQUID. Recently, the biggest website on cryptocurrency, the CoinMarketCap has issued a warning claiming that it has got “various reports” that the users are unable to sell this crypto on Pancakeswap, which is a famous decentralized cryptocurrency exchange. The fact is not clear as to why some users cannot sell this token, but the white paper that describes the coin does levy an anti-dumping technology that stops the holders from selling their coins if some conditions are not fulfilled.
The Squid Game cryptocurrency which initiated presale on October 20, 2021 “sold out in 1 second,” as per its white paper joins a range of other parody digital currencies that have seen big run-ups for no specific reasons other than a great publicity. The Shiba Inu, which is a meme inspired coin, for instance, has doubled in value in the last week. If you are wondering, Squid Game crypto where to buy, you will get it on their official website.
The Squid token was released as an exclusive coin of the “Squid Game Project”. This is a crypto play-to-earn platform. The online tournament which releases in November makes the rounds of sound that is featured in its homonym TV series. The company said, unlike its Netflix counterpart,
“We do not provide deadly consequences apparently!”
Also unlike the series that restricted the winning price to $38.5 million, the virtual tournament of Squid Game will not put any limitation to the maximum of the final bonus nor the number of participants.
However, the players are required to pay a preset value in Squid game token crypto to take part in each game, and there are some rounds that require users to buy a custom-made NFTs that will be available for sale on their official website. Some of these non fungible tokens feature characters from the series that include the guards who wear reddish pink suits covering their full body and a black mask that covers their entire face. These are the official Squid Game Costumes.
Gameplays do not come inexpensive, especially at the present prices. If the user wants to take part in the final game, they will have to pay 15,000, or $33,450, and buy an NFT. The Squid Game platform also provides Marble Pools which is yet another reference from the show where the holders can earn tokens via staking, which implies putting up their digital currency holdings as collateral to get a passive income.
An Overview About The Squid Game Cryptocurrency
As per the white paper that was offered by the Squid Game company, the conditions that are offered to the participants assert that they will have to purchase a Squid Game token for taking part in the tournament. Let us have an overview of the token in a gist.
Note: All the data that have been provided in this article is as per the data that was available at the time of writing this (29.10.2021, 11.48 GMT).
- Squid game coin is ranked at #2847
- Squid Game token price is trading at $3.05
- The Squid Game cryptocurrency market capitalization is $174 million.
- The completely diluted market capitalization stands at $216,883,543.
The Bottom Line
The globally acclaimed Netflix series “Squid Game” has recently launched its own digital currency. The Squid Game cryptocurrency is a digital currency that will be used for their digital Squid Game tournament. It is an NFT. This coin gained huge success and has increased its value to nearly 2400% in the last 24 hours. However, CoinMarketCap has issued a warning stating that many users are finding it difficult to sell this crypto and the reason is still unclear.
Disclaimer: It appears that this asset can now be traded freely on various exchanges. The project is now ostensibly run by the community after the initial rugging allegations. Please do your own due diligence. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP. (Source: CoinMarketCap)