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Squid Game Crypto Token Surges 2,400% in 24 Hours; Should You Buy It?

Squid Game token can be bought on Pancakeswap, a popular decentralised exchange platform.

Squid Game token can be bought on Pancakeswap, a popular decentralised exchange platform.

Squid Game token was launched on October 20, and is currently priced at $4.32. It is a play to earn crypto token inspired by the popular Netflix show Squid Game

Netflix’s Korean language series ‘Squid Game’ has off late taken the internet by storm. The nine episode show blew up on the Over The Top (OTT) platform ever since its debut and memes, merchandises related to it soon followed. There is another reason to love the show all the way more. Now, the show has its own brand of cryptocurrency, with an increasing price run-up. So if you want to show your devotion for Squid Game, directed by Hwang Dong-hyuk, you can invest in the Squid cryptocurrency. This token saw a twenty-fold jump over the course of the past day, according to media reports.

The Squid Game or Squid token surged by 2,400 per cent over the last 24 hours. It is currently priced at $4.32, data from CoinMarketCap showed at the time of writing this article. The market capitalisation of the novelty token ‘SQUID’ stood at more than $174 million in the morning, CNBC reported. The current ranking of the SQUID token stood at 2,828 at the time of writing this article.

Squid Game, a Korean language death game drama, has become the most watched show on Netflix. On this pretext, the crypto began pre-sale on October 20. The whitepaper of SQUID claims that it got sold out in just ‘one second’.

What is Squid Game Token?

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The white paper of the Squid Game token describes it as, “The Squid Game project is a crypto play to earn platform inspired by the Korean hit series on Netflix about a deadly tournament of children’s games."

“There is no longer dystopian world where a mysterious organisation gathers people who are in large amounts of debt and “living on the edge”. Rather than 456 players drawn from different walks of life but each deeply in debt chosen intentionally by the organizers in the drama, everyone here in crypto world can participate in the Squid Game with SQUID token or related NFTs in our marketplace," it further adds.

The online tournament, set to launch in November, will mimic the six rounds of games used in Squid Game, the OTT series. However, there is no ‘death’ associated with playing with this version of the game, the company has said.

How to buy Squid Game tokens?

To buy Squid Game, you first need to invest in one of the major cryptocurrencies, for example Bitcoin. You can buy these tokens from pancakswap.com, a popular decentralised exchange platform. You will have to pay a preset price to buy the tokens in order to participate in the games, which is not at all cheap going by the current rates. In some rounds, users also have to buy custom-made NFTs. To participate in the final round, you will have to pay 15,000 , or $33,450, and purchase an NFT.

Should you invest in Squid Game?

Squid Game the series has a mass following all across the world. While all that is fine, you should probably want to double check before jumping into the wagon. According to the CNBC report, those interested in investing in the token might want to exercise some caution. This is because CoinMarketCap has issued a warning regarding this. The website says that it has  received “multiple reports” that users are not able to sell this token on Pancakeswap.

Though it is still not clear why some users are unable to sell their tokens, the white paper of the crypto does mention that the creators have laid out an an anti-dumping technology that prevents users from selling their coins if certain conditions are not met.

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first published:October 29, 2021, 15:54 IST