Are You Gambling Your Cash On This “Squid Game” Cryptocurrency?

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Are You Gambling Your Cash On This "Squid Game" Cryptocurrency?

Are You Gambling Your Cash On This "Squid Game" Cryptocurrency?

Netflix-produced South Korean TV show, Squid Game, has taken the world by storm, breaking all viewership records on the platform. The show has quickly captured attention across the world with its storyline of adults playing deadly children’s games. Now, the Squid Game project has its own exclusive virtual coin. And, it’s off to a great start.

New Cryptocurrency Taking Off

Just like the show itself, the Squid token has gotten off to unprecedented success. At the moment, SQUID, the platform’s cryptocurrency is trading at $2.22. That’s almost 2,400% up from just a day before. The market capitalization of the Squid coin is now over $174 million.

The Squid coin is the latest in the series of “parody cryptocurrencies” which have flooded the market lately. Just like some others, such as the meme-inspired Shiba Inu coin, it has experienced a big run-up thanks to the huge publicity. Reportedly, the Squid coin sold out in one second after opening the presale on October 20.

Some Issues Reported

Still, some issues with trading this virtual coin have already been reported, so be careful when investing. CoinMarketCap has already missed a warning to potential buyers after receiving multiple reports that investors haven’t been able to trade this token on one of the largest crypto exchanges, Pancakeswap. The reason for this is still unclear. However, the coin’s white paper does describe an anti-dumping technology that may prevent selling under certain conditions. So far, the developers have not commented on the issue. Netflix, on its part, is not in any way involved with the Squid cryptocurrency.

More Plans for the Platform

The cryptocurrency itself is advertised as an exclusive coin of crypto play-to-earn platform called the Squid Project. The online tournament will launch in November, mimicking the six rounds of games from the TV show. The game will have no limit on the final prize or the number of contestants.

To participate in each game round, players will have to pay up a certain price in Squid coins. Plus, for some games, they will be required to purchase special NFTs which will be sold on the project’s website. Some of the NFT’s will depict the popular characters from the show. The game will, by no means, be cheap. Taking part in the final game of the tournament will cost players $33,450 and an additional NFT purchase. The developer will collect 10% of the money from entry fees. The other 90% will go to the prize pool.

The Squid Game cryptocurrency platform doesn’t stop here. The company will also offer Marbles Pools. It’s another reference to the events from the show. Here, the users will be able to earn coins through staking. This means that they can put up their tokens as collateral in order to earn passive income.

However, as with all popular crypto platforms, some caution is advised. There have been plenty of reports lately about Squid Game-related scams and malware exploits of unsuspecting users. Just like any trendy platform, the Squid Game has attracted plenty of cybercriminals and bad actors looking to scam fans.

Rich Caesar

Rich Caesar

Rich Caesar is a part time writer for the Play Slots 4 Real Money online casino reviews, gambling news and mobile casino complaints site. He grew up in Las Vegas and worked in the casino gambling business for several years. We are proud to have Rich as a part time writer on our site.

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