Squid Cryptocurrency Surges 100,000% in a Week
The cryptocurrency market has been swept up in the hysteria surrounding the hit Korean television program ‘Squid Game,’ with the popular cryptocurrency named after the show seeing a more than 100,000% increase in value in only one week. On Tuesday, the currency was trading at a price of $0.01235 per coin.
According to Coingecko, by Saturday, it was demanding a price of $13.60 per coin. Squid was created as a cryptocurrency for the Squid Game project, which is an online competition that will be released in November. It is a “play-to-earn” cryptocurrency.
In the game, users may utilize Squid to move farther in the game and even earn the cryptocurrency as they get further in the game. During the 24-hour period between Thursday and Friday, the value of the currency increased by 2,400 percent, and it currently has a market capitalization of more than four billion dollars.
Squid was created as a cryptocurrency for the Squid Game project, which is an online competition that will be released in November. It is a “play-to-earn” cryptocurrency. In the game, users may utilize Squid to move farther in the game and even earn the cryptocurrency as they get further in the game.
It may then be swapped for other cryptocurrencies or fiat money, according on your preference. CoinMarketCap, on the other hand, has issued a warning to customers interested in Squid, stating that they have “had many complaints that users are unable to sell this token on Pancakeswap,” and that they should “exercise care” while trading the cryptocurrency.
In addition, the warning said that “this initiative, although obviously inspired by the Netflix program of the same name, is unlikely to be linked with the actual IP.” Pancaskeswap is a decentralized cryptocurrency exchange that is widely used.
Hundreds of cash-strapped people are pitted against one another in classic children’s games in Squid Game, a dystopian South Korean thriller that is now available on Netflix. The winner may walk away with millions of dollars, while the losers are slain. Marbles, tug of war, and red light, green light are some of the games available.
Squid, however, has released a whitepaper stating that although the next tournament would be modeled on the famous Netflix series, it will not “have fatal effects.” The series, which became an immediate smash, has raised eyebrows throughout the globe.
A school district in New York state said on Thursday that it has prohibited pupils from dressing up like Squid Game characters for Halloween because of fears that the costumes would encourage violence. Reports earlier this month said that schools in England had issued warnings to parents because youngsters were reenacting games from the series, which is meant for older viewers.