Squid Game cryptocurrency rockets in early trading days – sport news football96

If you’re a fan wanting to express your devotion to the hit Korean Netflix show Squid Game – well, there is cryptocurrency for that.

Players have created an online version of the program that requires the Squid cryptocurrency to play with.

It was worth a modest 1 cent on Tuesday, but on Friday it skyrocketed, reaching $ 4.39 (£ 3.18) – a 430% increase.

However, Squid has been criticized for not allowing users to resell their tokens.

The dystopian series, which tells the story of a group of people forced to play deadly children’s games for money, has become a viral sensation.

Squid is a so-called “play-to-earn” cryptocurrency where people buy tokens to play in online games where they can earn more tokens. These can then be exchanged for other cryptocurrencies or fiat money.

In the case of Squid, many buyers will be gamers who want to play the online game of the program starting in November.

“The more people join, the bigger the reward pool (sic) becomes,” says the output document, which states that the developers take 10% of the entry fee and the remaining 90% goes to the winner.

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“More importantly, we don’t seem to have any fatal consequences!”

Participation in individual rounds is chargeable – for example, playing Round 1: Red Light, Green Light costs one player 456 squids – with a total of six rounds, which become more expensive over time.

Buyers beware
However, potential buyers should beware that the crypto price tracking website CoinMarketCap issues a warning that many users have not been able to resell their tokens on cryptocurrency exchanges.

Its market cap, or total volume in the market, has reached $ 184 million (£ 133 million).

A trader told the BBC on Twitter that he has pegged $ 7,500 (£ 5,442) in the currency he hopes will be released in 48 hours.

It’s unclear why this is happening, but the company says it uses “innovative” anti-dumping technology that prevents people from selling their coins if enough coins are not bought in the market.

The company did not immediately respond to the BBC’s request for clarification.

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“This cryptocurrency joins a long and growing list of digital coins and tokens that piggyback on random memes or cultural phenomena,” Cornell University economist Eswar Prasad told the BBC.

“It is noteworthy that many of these coins quickly attract the appetite of investors, which leads to highly inflated valuations. Naive private investors who are caught up in such speculative frenzies risk considerable losses.”

Play-to-earn games: the future of gaming?
Play-to-earn games have grown in popularity during the pandemic as the rise in online gaming spurred the development of the GameFi technology sector that combines entertainment with real money-making tools.

The Metaverse is designed to help this sector develop even further.

Apparently it’s the next big thing. What is the metaverse?
Squid Game: How a Netflix Show Took the World
Chinese spectators pop ‘copycat’ Squid Game Show
Not only crypto traders have benefited from Squid Game’s popularity.

Netflix’s subscriptions took off when the program was released. According to Bloomberg, the Korean series is said to be worth around $ 900 million to the streaming giant after costing just $ 21.4 million to manufacture.

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