The show has its own brand of cryptocurrency, named SQUID, which has astronomically rewarded investors with a super strong rally of up to 30,000 per cent, and that too in just a few hours.
The digital currency soared as much 34,285 per cent in less than 100 hours to $4.15 on October 29 from $0.01236 on October 26. It was commanding a market cap of $335 million as of 2.45 IST on October 29. This token has turned an investment of Rs 1,000 into Rs 3,43,850 in less than four days, data from coinmarketcap.com suggests.
However, experts have issued a warning about the token. “We have received multiple reports that the users are not able to sell this token in Pancakeswap. Please exercise caution while trading,” said a warning on coinmarketcap.
The Korean death-game drama on Netflix made headlines after it became the streaming platform’s most widely watched show. The crypto began pre-sale on October 20 and its whitepaper claims it was sold out in just one second.
“Investors should exercise caution while jumping onto the Squid bandwagon,” said Sharat Chandra, a Blockchain & Emerging Tech Evangelist. “Due to the coin’s anti-dumping technology, users will not be able to sell the tokens if certain conditions are not fulfilled.”
The token was launched as an “exclusive coin” for the Squid Game project — a crypto play-to-earn tournament that launches in November.
SQUID implements an innovative anti-dump mechanism. Buying in the market will release selling credits with a rate of 2:1, Chandra added. “The maximum amount to sell SQUID is 1/2 of total buying value in the pool. So if there is no selling credit left in the pool, you can not sell more even after two continuous buying in small amounts.”
The massive rise in the Squid Cryptocurrency bolsters our analysis of the sentimental side of cryptocurrency, said Manav Bajaj, Founder, Panther Quant.
“We believe that the market is driven by more community members who are eagerly waiting for the next ‘moon’ token.” he added. “Shiba Inu, Dogecoin and now Squid prove the point that the market sentiment is riding high with millions of investors emotionally invested into the market.”
