Squid Games token $SQUID soars 1,000%: here’s what you need to know

Fans of the deed Korean Netflix amusement Squid Game, a dystopian bid that tells the communicative of a radical of radical forced to play deadly children's games for money, tin present explicit their appreciation by buying the show’s autochthonal token, $SQUID.

You request this coin to play the online mentation of the program. The coin was worthy conscionable 1 penny connected Tuesday. At the clip of writing, its worth has reached $6.00 and it is lone getting higher.

Investors should beryllium cautious

Squid’s token whitethorn person go a viral sensation, but the level has been criticized for not allowing investors to resell their tokens. According to a informing published connected CoinMarketCap, “users are not capable to merchantability this token successful Pancakeswap. Please workout caution portion trading!”

According to the company, it is utilizing caller anti-dumping exertion that restricts selloff if not capable coins are being purchased connected the market. Squid was conceived arsenic a "play-to-earn" cryptocurrency, wherever holders tin gain much tokens successful online games. Then, they tin beryllium exchanged for fiat oregon different cryptocurrencies, astatine slightest successful theory.

According to Squid’s whitepaper, determination is nary bounds to however galore radical tin articulation the platform. Apparently, the much the amended – the reward excavation gets larger if much radical join. The victor gets 90% of the introduction fee, and developers instrumentality the remaining 10%.

Cornell University economist Eswar Prasad discussed Squid successful an interrogation for the BBC and said: 

"This cryptocurrency joins a agelong and increasing database of integer coins and tokens that piggyback connected random memes oregon taste phenomena. Remarkably, galore specified coins rapidly drawback investors' fancy, starring to wildly inflated valuations. Naïve retail investors who get caught up successful specified speculative frenzies look the hazard of important losses."