Like the South Korean “Squid Game” show, in which 456 deeply indebted people compete in deadly children’s games for a grand prize of more than $38 million, the Squid token was launched as a way to buy into the Squid Game project, a crypto play-to-earn platform that will culminate with an online tournament next month.
#Squid game cryptocurrency ticker series
In the show, 456 highly-indebted competitors compete in a series of deadly children’s games. The issue could be tied to an “anti-dump mechanism” that the creators of the coin describe in a white paper associated with the cryptocurrency. Pancakeswap is a popular decentralized cryptocurrency exchange. Please exercise caution while trading!” CoinMarketCap warns. “We have received multiple reports that the users are not able to sell this token in Pancakeswap.
While the rapid spike in price may be tempting for traders, CoinMarketCap warns on its site that some people appear to not be able to sell the coin once they buy it. The relatively obscure crypto is up more than 200 percent in the past 24 hours and it now commands a market capitalization of more than $419 million. Friday, the “Squid Game” token, SQUID, stood at $5.41 - up from $0.01235 when it began trading on Tuesday, according to CoinMarketCap. The price of a new cryptocurrency inspired by the hit Netflix series “Squid Game” has skyrocketed 40,000 percent in just its first few days of trading.Īs of 7:45 a.m. Matt Damon-backed crypto firm accidentally sent woman $10M - who used it to buy mansion Where was my head at?: Crypto bro says he wasn’t in ‘right frame of mind’ when he threatened to decapitate exīitcoin bull evaded more than $25M in DC taxes, city’s AG says In addition, their official Twitter account is also temporarily restricted.‘Big Short’ sage Michael Burry ticks off market ‘crash’ checklist as meme stocks, crypto struggle The SQUID team has also closed their Discord server and Telegram group. Investors on Twitter are speculating that the crypto is a scam, based largely on the absence of any social media presence of its developers. The SQUID Crypto Team Is Raising Big Questionsīeyond the mechanics of the game itself, many are skeptical of the developers’ intentions with the token. Many players can’t yet afford to play the first level, meaning they are stuck in a limbo and can’t withdraw their money. The last level requires a buy-in of 15,000 SQUID to attempt. As stated in the white paper, players who fail a level lose their wagered SQUID, setting high stakes. At its current value of $10.14 per token, that’s a price of over $4,600. The first game which players can attempt is modeled after the show’s “red light, green light” game.
This presents what appears to be a huge issue. Investors who don’t own any Marbles are prevented from selling their SQUID at all, forcing them to play. And, the amount they sell is limited by the amount of Marbles they own. Only when investors have some Marbles can they sell any SQUID. Rather, the token’s “anti-dumping mechanism” is looking more like an “anti-selling mechanism,” preventing holders from getting out of the game at all.Īccording to the white paper, SQUID employs a sibling currency called Marbles, which is earned by playing the actual game. Selling the SQUID Crypto Is Proving DifficultĪs it turns out, becoming a “SQUID crypto millionaire” is not as easy as buying, holding and selling.
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