Netflix’s ‘SQUID’ soars 2,400%

Netflix’s new K-drama, “Squid Game” has not only taken the world of entertainment by storm but also is dominating the crypto world. The Korean-language show about a fatal competition of grown-ups playing kids’ games with expectations of winning a major monetary reward is an overall sensation. Presently, it has its own digital currency, SQUID, which has dispatched with a colossal value run-up. 

The Squid Game project – a crypto play-to-earn platform – has launched the SQUID token as the exclusive digital coin. SQUID is exchanging at $6.01 as of 6:08 am Friday, Pacific Time (PT). It has hiked up almost 2,400% throughout the most recent 24 hours, with a market capitalization of more than $240 million in no time.

Also Read: Bitcoin Price Hike: A Boon For the Global Crypto Market

Good Rain Knows The Best Time To Fall

The “Squid Game” series follows a group of South Korean players competing in brutal survival games for prize money. A global cultural phenomenon, the blockbuster series has been a runaway success. The token began its presale on Oct. 20 and evidently “sold out in 1 second,” as indicated by its white paper. 

SQUID joins a rundown of other satirical cryptos that have seen large run-ups for no specific explanation, other than great exposure and publicity. The meme crypto Shiba Inu Coin, for instance, has multiplied in cost somewhat recently. 

Would You Like To Play A Game?

As in the TV show, the online tournament will feature six rounds of games to be held this November. The game will mirror that played on the show – but without the “deadly consequences”. There will be no maximum prize payout or a maximum number of competitors. The price is pre-set in SQUID, and some rounds require special NFT that can be purchased on their website. 

Tokens for the final game will cost 15,000 tokens or $33,450, plus an NFT. Marbles Pools – a further reference to the show – are another way whereby Squid Game platform users can passively earn tokens via staking, which is the practice of acquiring cryptocurrency holdings as collateral.

Also Read: The Crypto World Is Swarming With Celebrities Launching Their Own Non-fungible tokens (NFTs)

Red Light, Green Light

In conclusion, investing in one of the major cryptocurrencies, such as Bitcoin, is the first step toward purchasing Squid Game crypto. This is a popular decentralized exchange platform where you can buy these tokens. You may want to exercise some caution if you’re buying the token. However, the company has laid out an anti-dumping technology. If certain security-related conditions are not met, users are prevented from selling their coins.