If you’re in any way connected to the internet, then you’ve probably already heard of Squid Game, the widely popular Korean show. It’s currently taking over Netflix and has countless fans all over the world. It explains why so many people are talking about it, making memes, and dressing up as the characters from the show. But now, it looks like a new factor is coming to the Squid Game universe. It’s the SQUID token!
Despite having just made its way into the crypto market, the coin has already gained by over 60,000 percent in a few days. Based on data by CoinMarketCap, the latest cryptocurrency held a worth of $0.01 on Tuesday. But by Friday morning, the token was worth $6.27. That amounts to an increase of 62,600 percent!
This is quite impressive considering that the show had only just started airing on Netflix last month. In the show, cash-strapped contestants have to play against each other in dangerous versions of children’s games. In the end, the last remaining person wins a large cash prize.
To match the vision, the SQUID token applies a similar rule to users (hold on, we’re getting to it). The players will have to play six different online games, minus the deadly consequences, to win impressive prize money.
The SQUID token’s project whitepaper says that society is no longer living in a dystopian world. It built hype around the token by saying that any crypto enthusiast can take part in this so-called Squid Game using the SQUID token. They can also play on the marketplace using different SQUID-themed NFTs.
While there are no deadly-high stakes involves in this version of the Squid Game, there is a catch. As the price of the SQUID token goes up, so does the cost of entering the SQUID token’s Squid Game.
To put things into perspective, the entry fee of Game 1 was 456 SQUID, which converted to around $4.56 at the time. This was when the SQUID token had just launched. But since then, the price has risen significantly, which has raised the cost of joining the game to $1,500 until Friday morning. Now, according to data by CoinMarketCap, the entry cost of the final game is over $50,000.
But before you head over to buy SQUID tokens or try participating in the game, be warned. CoinMarketCap sent out a warning that current SQUID holders are complaining about the token. According to current users, they’re unable to sell their SQUID tokens on the popular exchange PancakeSwap.
The platform said that while the SQUID token is certainly inspired by the hit show, is not affiliated with it.