“Squid Game,” a new Netflix Korean-language show about a dangerous contest of adults playing children’s games in the hopes of winning a large cash prize, has become a worldwide hit. It now has its own cryptocurrency, which debuted with a massive price increase. 

SQUID is currently trading at $2.22, up about 2,400% in the last 24 hours, with a market capitalization of more than $174 million.

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Those seriously interested, however, should proceed with caution before trading squid. Users are unable to sell this currency on Pancakeswap, a prominent decentralised exchange, according to CoinMarketCap.

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It’s unclear why certain users can’t sell their tokens, but the coin’s white paper outlines anti-dumping technology that prevents consumers from selling their tokens if certain requirements aren’t met.

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The Squid token was introduced as the only coin of the Squid Game project, a crypto play-to-earn platform. The online event, which begins in November, is modelled after the six rounds of games featured on the show of the same name. But, unlike Netflix, the corporation stated, “we do not provide deadly consequences apparently!”

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In addition, unlike the series, which set the maximum grand prize at $38.5 million for the winner, this virtual simulation of Squid Game will not set a restriction on the number of participants or the maximum final bonus. 

Players will, however, be required to spend a predetermined amount in squid tokens to play each game, and some games will also require players to acquire a custom-made NFT, which will be available for purchase on their website. The guards, who wear full-body reddish-pink costumes (the exact colour has sparked heated dispute among show fans) and black masks covering their entire face, are among some of the NFTs that feature characters from the show.

If you wish to play in the tournament’s final game, you must spend $15,000 (about $33,450) and purchase an NFT. 

Each round’s entry costs are shared between the developers (10%) and the the reward pool (90% ). 

The Squid Game platform also has Marbles Pools — another show reference — where users can earn tokens by staking, or putting their bitcoin holdings up as collateral to generate passive income.