Cryptocurrency: Squid Game’s skyrockets in first days

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There’s a cryptocurrency for fans of the hit Korean Netflix show Squid Game.

Online players need the Squid cryptocurrency to play the game.

It was worth a penny on Tuesday, but by Friday it had soared to $4.39 (£3.18).

Critics say Squid is unfairly restricting investor rights.

The dystopian series, about people forced to play deadly children’s games for money, has gone viral.

Squid is a “play-to-earn” cryptocurrency where users buy tokens to use in online games. Exchangeable for other cryptocurrencies or fiat currency.

In the case of Squid, many buyers will be gamers eager to join the program’s online game in November.

The issue document states that developers will take 10% of the entry fee with the remaining 90% going to the winner.

“More importantly, we do not appear to cause death!”

Playing Round 1: Red Light, Green Light costs 456 Squid, and the remaining five rounds cost more.

Buyer Warning

On the other hand, CoinMarketCap warns that many users have been unable to sell their tokens on cryptocurrency exchanges. Also, its market capitalisation has reached $184m (£133m).

One trader told the BBC on Twitter that they have $7,500 (£5,442) in the currency and hope to get it back in 48 hours.

It’s unclear why, but the company claims it’s using “innovative” anti-dumping technology that prevents people from selling their coins if the market isn’t buying enough.

The company has yet to respond to the BBC’s clarification request. Also, It joins a growing list of digital coins and tokens that capitalize on random memes or cultural phenomena, according to Cornell economist Eswar Prasad.

“So many of these coins quickly attract investors, leading to exorbitant valuations. Those caught up in such speculative frenzy risk significant losses.”

Play To Earn Games

Therefore, the rise in online gaming encouraged the development of the GameFi technology sector, which combines entertainment with real-world earning tools. Squid Game’s popularity has benefited crypto traders.

When the show came out, Netflix’s subscriptions jumped. The $21.4m Korean series is thought to be worth $900m to the streaming giant, according to Bloomberg.

Squid Game cryptocurrency rockets in first few days of trading – BBC News

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