Fans of the hit Korean Netflix present Squid Game, a dystopian sequence that tells the story of a gaggle of individuals compelled to play lethal youngsters’s video games for cash, can now specific their appreciation by shopping for the present’s native token, $SQUID.
You need this coin to play the web model of this system. The coin was value simply 1 penny on Tuesday. At the time of writing, its worth has reached $6.00 and it’s only getting increased.
Investors needs to be cautious
Squid’s token might have grow to be a viral sensation, however the platform has been criticized for not permitting traders to resell their tokens. According to a warning printed on CoinMarketCap, “customers should not in a position to promote this token in Pancakeswap. Please train warning whereas buying and selling!”
According to the corporate, it’s utilizing novel anti-dumping expertise that restricts selloff if not sufficient cash are being bought in the marketplace. Squid was conceived as a “play-to-earn” cryptocurrency, the place holders can earn extra tokens in on-line video games. Then, they are often exchanged for fiat or different cryptocurrencies, a minimum of in idea.
According to Squid’s whitepaper, there is no such thing as a restrict to how many individuals can be a part of the platform. Apparently, the extra the higher – the reward pool will get bigger if extra folks be a part of. The winner will get 90% of the entry price, and builders take the remaining 10%.
Cornell University economist Eswar Prasad mentioned Squid in an interview for the BBC and mentioned:
“This cryptocurrency joins a protracted and rising listing of digital cash and tokens that piggyback on random memes or cultural phenomena. Remarkably, many such cash quickly catch traders’ fancy, main to wildly inflated valuations. Naïve retail traders who get caught up in such speculative frenzies face the danger of considerable losses.”