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Highlights
- Squid Game was launched yesterday at just above US$0.17. Since then it has risen to US$2.33, rising a phenomenal 1,250 percent in the past 24 hours
- According to the whitepaper, the Squid Game project is a crypto play-to-earn platform on the Binance chain inspired by the deadly tournament on the Netflix series
- The launch of SQUID has already been fraught with controversy with some claiming the coin to be a scam
It had to happen. There is now a cryptocurrency named after the popular Netflix series Squid Game.
The nine-part Korean survival drama has become a cultural phenomenon since its premier in September.
The series revolves around a contest where 456 people deep financial debt play a series of life-or-death games for the chance to win a big cash prize.
The series portrays the horrible things people will do to each other for the sake of money and has captured the imaginations of millions around the world, inspiring several internet memes.
And so with the popularity of NFT games like Axie Infinity (AXIE), it was just a matter of time before a coin called Squid Game came along.
Since its launch, SQUID has exploded. However, pundits should be cautious for reasons we’ll mention.
A Brief History of Squid Game
Squid Game was launched on October 21 and on Wednesday was valued just above US$0.17. Since then it has risen to US$2.33, rising a phenomenal 1,250 percent in the past 24 hours. Much like the Netflix series, Squid Game crypto has become a quick phenomenon.
According to the whitepaper, the Squid Game project is a crypto play-to-earn platform on the Binance chain inspired by the deadly tournament on the Netflix series.
Players earn through collecting or winning NFTs as well as staking the native token SQUID.
According to the whitepaper roadmap, Squid Game is currently in Phase One, which started on 21 October. Between Phase One and the beginning of Phase Two, which will start in November, there’s a token presale as well as a token airdrop (free tokens given to stakers).
The actual game will be launched in December on Google Play Store and Apple Store. By 2022, the Squid Game team are hoping to get the token price to US$50, which at this rate, is well in the cards.
Players need SQUID to participate in a game or get restart after they fail the game.
SQUID is the only token can be used in Squid Game.
Green Light or Red Light?
The launch of SQUID has already been fraught with controversy with some claiming the coin to be a scam.
CoinMarketCap has said that it's received "multiple reports" that users are not able to sell this token on PancakeSwap, which is a popular decentralised exchange.
However, the whitepaper roadmap does state that the coin will be listed on PancakeSwap in November.
Moreover, the whitepaper lays out an anti-dumping technology that stops users from selling their coins if certain conditions are not met.
The Verdict
Investors are advised to exercise caution when looking to invest or trade any cryptocurrency. Unfortunately, so many of the over 4000 cryptocurrencies have turned out to be nothing more but scams.
However, there’s not enough evidence at the moment to say that Squid Game is a scam. In fact, if done properly, this project has a lot of potential.
