On Wednesday, a new cryptocurrency brand launched in the market. Inspired by the Korean Netflix show "Squid Game," the crypto coin SQUID experienced a 2,400 percent growth in the last 24 hours and a market capitalization above $174 million.
Even better, the crypto coin will be used on a crypto play-to-earn platform, per CNBC.
The "Squid Game" hype continues for many fans, as it recently moved over to the cryptocurrency industry. Now, the iconic series has its very own brand of crypto coin that is skyrocketing in popularity.
According to its Whitepaper, the SQUID crypto coin started its presale last October 20 and immediately "sold out in 1 second." The crypto coin was launched as an exclusive coin for the "Squid Game Project," an online crypto play-to-earn tournament launching this November.
However, SQUID's exclusivity never stopped fans from joining in on the fun. At the time of writing, SQUID is trading at $3.04, with a 523.99 percent growth over the past day, per CoinMarketCap. This is a crazy market growth because the coin just got launched last week.
How to Join 'Squid Game' Crypto Trading and Tournament
Also written on its Whitepaper are the instructions for SQUID and Squid Game Project. The company playfully pointed out, "we do not provide deadly consequences apparently!"
The Squid Game Project will mimic most of the features on its namesake series. It will include six game rounds and a prize pool money for the winner. The games are:
- Red Light, Green Light
- Dalgona Candy
- Tug of War
- Marbles
- The Glass Stepping Stones
- Squid Game
Note, however, that interested players have to pay a preset fee in SQUID tokens. Some rounds, if not all, will also require players to buy custom-made NFT from the company website. These NFTs include characters from the show, featuring both the players and guards.
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Be warned that joining the game is not cheap. Participants have to pay up to $33,450. Entry fees paid per round will be split between developers (10%) and the reward pool (90%). Similar to the Netflix series, this might be an all-or-nothing game for the players.
Massive Warning About 'Squid Game' Crypto
Before joining the hype, be warned about another big issue on the "Squid Game" crypto. CoinMarketCap recently announced a problem about "users who are not able to sell this token in Pancakeswap. Please exercise caution while trading!"
According to CNBC, it is unclear why users cannot sell their tokens, but it might be linked to the SQUID anti-dumping technology that prevents traders from selling coins if conditions aren't met. CNBC tried to contact developers about the problem, but they didn't receive any response.
For now, SQUID is still actively listed on CoinMarketCap, and fans are free to join the Squid Game Project. However, as previously indicated, fans have to invest in this crypto trade at their own risk.
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