Fan fever for the South Korean hit Netflix series “Squid Game” has made its way to the crypto industry. The project of the same name and its SQUID token is rapidly attracting the attention of investors, jumping more than 3500% in just a few days.
On October 26, the cost of the SQUID token, which allows you to “enter the game”, was no more than $0.012, and today it is trading at $11.69, according to CoinMarketCap.
The coin was created as the own token of the Squid Game game project and will be used by participants in the elimination tournament, which starts in November. It will be a kind of adaptation of the six rounds, consisting of different games, shown earlier in the South Korean TV series of the same name.
Taking into account the current value of the SQUID cryptocurrency, the entry price becomes quite high. In order to become a participant in the first round, you need to purchase 456 SQUIDs, equivalent to more than $4,560 at the current exchange rate. And in order to compete for the final prize, you will have to shell out more than 15,000 SQUIDs (about $154,000) and purchase one non-fungible token. The latter are represented here in the form of characters from the series on Netflix guards and players.
However, unlike the original source, where the final prize was 45.6 billion Korean won, the project's main award does not include any limit on the amount. For participation in each round, players are charged 10% at the expense of the project developers, and the remaining 90% are sent to the general reward fund for the winner. Gameplay and reward information was detailed by the team in the project rules.
The developers have thought out an anti-dumping mechanism, thanks to which investors will not yet be able to sell their cryptocurrency, despite the crazy growth rates. Some PancakeSwap users also warn about this, suggesting that the project is another scam with a rug pull scheme.
We will find out who will be right in the end very soon in November of this year.
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