Netflix’s popular online drama “Squid Game” gave birth to a cryptocurrency named after the brand-“Squid Coin” (SQUID). The price of this spoof cryptocurrency has skyrocketed by nearly 2400% in the past 24 hours, reaching $2.22, with a market value of more than $174 million. However, CoinMarketCap has issued a warning that it has received multiple reports that users cannot sell this token on the Pancakeswap exchange.
Pancakeswap is a popular decentralized financial exchange. It is unclear why some users cannot sell their tokens, but the white paper describing SQUID does mention an anti-dumping technique that people cannot sell SQUID if certain conditions are not met.
According to the SQUID white paper, SQUID started pre-sale on October 20 and “sold out within 1 second.” SQUID has also joined the ranks of other spoof cryptocurrencies. There is no special reason for these spoof currencies. As long as there is good publicity, they will promote the price increase. For example, the Shiba coin (SHIB), inspired by emoticons, doubled in price last week.
The SQUID token was released as the exclusive currency of the “Squid Game” project, which is a game competition platform that distributes bonuses. This online competition will be launched in November, imitating the same nametelevisionThere are six rounds of competition in the play, but unlike the Netflix TV series, the “Squid Game” project company said: “The loser will obviously not face the punishment of death!”
The difference is that the upper limit of the grand prize in the “Squid Game” TV series is 38.5 million US dollars, which will be sent to the final winner. This online simulation “Squid Game” project will not limit the upper limit of the final bonus, nor the number of participants. .
However, players must use SQUID tokens to pay a preset price to participate in each game. Some rounds also require users to purchase customized non-functional tools and sell them on the “Squid Game” project website. Some of these non-functional tools feature characters from TV series, including guards wearing red and pink suits all over (this color has sparked heated discussions among TV series fans), and black masks that cover the entire face.
Tickets for the game are not cheap, especially at current prices. If you want to participate in the final round of the competition, you need to pay 15,000 SQUIDs, worth $33,450, and purchase a non-functional tool.
The entrance fee for each round is divided by the developer and the reward pool at a ratio of 1:9. The developer gets 10% of the entrance fee, and the remaining 90% goes to the reward pool.
The project game platform of “Squid Game” also provides a pinball pool-this is another popular game in the “Squid Game” TV series-holders can earn SQUID tokens by betting and encrypt their holdings Currency is used as collateral to earn passive income.