The new blockchain based Squid Game, based on the hugely popular Korean series of the same name, has rocketed since its launch only a few days ago.
SQUID is the in-game token for the game based on the South Korean TV series, which has become a phenomenon in the country and across the world. The blockchain based version is a play-to-earn game, and has also seen some incredible success since it launched on 20 October.
The TV show has “deadly consequences” for the participants. However, the blockchain based version definitely doesn’t, and many are clamouring to get into the online tournaments.
Nevertheless, participation in the games doesn’t come cheap. For each of the rounds there is a prize pool of SQUID. Currently, the sixth and last round of the tournament has an entry fee of 15000 SQUID, worth around $117,000 at the current price of $7.80.
The rounds are imitations of those in the TV series, such as “Red light, Green light” where the participants play a giant scale game of Grandma’s footsteps. Other games include Tug of War, and carving out a shape pressed into honeycomb without breaking it.
In the meantime, the price of SQUID is continuing to rise at a meteoric velocity. After the token was launched last Tuesday, it has gone from $0.012 to $7.80 at time of writing. The token is up around 255% on the day so far.
However, not all is rosy in the garden. SQUID can only be purchased thus far on Pancakeswap, and Coinmarketcap has published a warning next to the token price, stating that it had received multiple reports that users were unable to sell their tokens on the Pancakeswap platform.
It also shows that the trading volume for the SQUID token is at nearly $9 million so far today.
With only one platform and pair to buy and sell the token, it is quite likely that liquidity will continue to be an issue until further platforms list SQUID.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
