Inspired by the South Korean drama series, the Squid Game (SQUID) token has surged 110,000% over the past few days. Here’s what you need to know about the rise…
Squid Game (SQUID) is the latest excitement in the cryptocurrency market
Until a few days ago, meme coins like Shiba Inu (SHIB), Floki Inu (FLOKI) and a ton of other Dogecoin derivatives were showing triple-digit increases every day. Now, tokens associated with the play-to-win business model seem to be at the center. cryptocoin.com As we reported, after Facebook announced that it would be rebranded as Meta, play-to-win platforms started to see additional demand. It looks like Mark Zuckerberg is now interested in building the Metaverse.
Also, flagship play-to-win projects like Axie Infinity, Decentraland, and The Sandbox saw huge profits, while Squid Game’s SQUID token increased an incredible 110,000% in just five days. Let’s continue with the details..
What is Squid Game (SQUID)?
Squid Game is a new drama series on Netflix that is gaining popularity all over the world. The subject matter is 456 people from South Korea, each with their own mostly financial problems, chosen to take part in a challenge. The game has only one winner. If you lose, you are eliminated. And when we say eliminated, we mean death.
Coming back to crypto, it didn’t take long for a team of developers to capitalize on the growing hype and create a show-centric crypto-based project. A Squid Game project is coming. It’s apparently intended to be an ecosystem, because there’s a lot of stuff that’s been brought to market, some of which is still in development.
Why did SQUID increase 110,000% in a few months?
There are a number of factors to take into account here. Most obviously, the Squid Game crypto project went live in a relatively short time. In fact, it was listed on CoinMarketCap five days ago, October 26th. The Twitter account was also created in October, citing the fact that this is a new project with a token launched on Binance Smart Chain. At the same time, the Netflix series Squid Game continues to grow in popularity and consistently tops trending charts. He managed to attract a lot of attention due to his contact. Yet another reason is that it comes with a play-to-win concept. As mentioned earlier, many P2E tokens have increased significantly in the past few days following Facebook’s announcement.
High prices can bring big problems!
As we mentioned above, the basic concept of Squid Game (SQUID) is the real game. While the fact that it’s still in development makes the SQUID purchase decision questionable at best, there’s an obvious problem with its skyrocketing price. As many crypto analysts have pointed out, this is a big hurdle.
Those who want to join the game can take a look at the following; The first game costs 456 SQUIDs, which equates to roughly $6,3000 at current prices. The second game costs $14,000, and entries continue up to the sixth game, which will now cost $210,000 to play. This is literally the core concept of the entire project, and for someone to win, they would have to pay more or less half a million simply to participate. In the meantime, time will tell if the project will justify its current assessment. Other red flags include a banner on their official website that says Elon Musk has responded to a Twitter message about the show and has nothing to do with the crypto project itself. There are also “scam” allegations about him.
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