‘Squid Game’ Has Unsurprisingly Turned Into Newest Cryptocurrency Trend
Image via Netflix
It’s no doubt that Squid Game has taken over pop culture, with Funko releasing figurines of the characters, and Netflix introducing streetwear inspired by the show.
Unsurprisingly, as with every other thing that’s become famous online, it has turned into the latest cryptocurrency trend.
If you’re bored of Dogecoin or Shiba Inu, you can now trade SQUID / $SGT, which rose nearly 2,170% in just the last day. It’s currently selling at US$2.24, with the overall market totaling a staggering US$175.9 million.
According to Boss Hunting, the new coin, which debuted on the Binance Smart Chain on October 20, sold out in a single second. Users can wager it in an online tournament similar to that in the television series.
There are six rounds of games to take part in, though in this cryptocurrency version, more than one person stands the chance to win. The grand prize isn’t capped at ₩45.5 billion (US$39 million) either, so there’s a chance players could win even bigger. And, of course, there are no deadly consequences if you lose.
In order to participate, users will have to pay a preset price in SQUID tokens, though some rounds will require the additional purchase of an NFT.
If you’re thinking of entering the final round, however, it’s going to cost you, as the entry fee currently stands at 15,000 tokens (US$33,000), though it could surge as the price increases. 90% of the funds collected will go into the reward pool.
As a word of caution, CoinMarketCap recently issued a statement warning users that it had received “multiple reports” in which players weren’t able to sell their SQUID tokens. Most of the incidents involved users making use of dectralized exchange Pancakeswap, though it’s not known what is causing the problem.
As per CNBC, the token’s white paper does say it employs an anti-dumping technology, which only allows users to sell their tokens once certain conditions are met.
[via Boss Hunting, cover image via Netflix]
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