Reasons to sell “Squid Game” crypto. Squid token used to be more valuable than Netflix. But it was a swindle. The Netflix television series Squid Game has taken the internet by storm. Now, it has spawned a cryptocurrency known as Squid Game (CRYPTO: SQUID). In which it has skyrocketed in value enormously since its launch in late October. Before collapsing in the process. While it may be tempting to hop on a hype train, the Squid token has proven to be an unpleasant lesson. For cryptocurrency investors and traders. Let’s dive a little deeper.
The rally was purely speculative in nature
Squid Game, a South Korean survival drama that will premiere on Netflix in September. As it follows a group of adults who participate in perilous children’s games for the chance to win a cash prize. 142 million member homes watched the show in its first four weeks. And making it Netflix’s most-watched series to date, according to the company.
In the words of Netflix’s management, Squid Game has “pierced the cultural zeitgeist.” Influencing everything from Halloween costumes to viral videos on social media platforms like TikTok and Instagram. Several aspects of the euphoria spilled over into the cryptocurrency market. With investors flooding into a token known as Squid Game, which climbed by more than 400,000 percent. Since its introduction on Oct. 26 before plummeting by 99.99 percent on November 1.
Squid Game may have been the third-largest cryptocurrency on the planet. With a self-reported market capitalization of $360 billion before the fall. (It is according to unverified statistics from coinmarketcap.com). Making it worth more than Netflix ($306 billion) before the catastrophe. However, there was little core support for the rally. Netflix, according to CNBC, has nothing to do with the coin and does not support it in any way. In addition, its viral promotion activities (pumping) on social media platforms such as Twitter and Meta Platforms. And it may have contributed to its recent popularity increase.
It’s possible that you won’t be able to sell the Squid Game token
Squid currency, which is the reasons to sell modeled after the popular television show Squid Game. Aspires to create a decentralized play-to-earn environment (without the violence). According to the white paper published by the platform’s developers, the platform would have six games. Players must begin with the first game and progress through it by winning (surviving) in order to proceed to the subsequent rounds. A small entry fee (paid in Squid tokens) will be charged for each game. Which will be pooled together to establish a prize pool for the victor at the conclusion of the tournament.
However, despite the fact that the proposed game by Squid token reasons to sell could bring value to gamblers. The project’s developers have not indicated when they intend the project to begin.Or provided much insight into their progress thus far. Coindesk, a cryptocurrency news platform, writes that Squid’s developers have abandoned the project. As a result of the Squid token’s dizzying collapse. Furthermore, the asset possesses several concerning characteristics that could be detrimental to investors.
Users have reported being unable to sell their Squid tokens, according to coinmarketcap.com.And this has been confirmed by many users. Because of the coin’s “anti-dump mechanism.” Which is designed to limit the number of Squid tokens investors may sell based on the value of the coin’s rewards pool. This issue may be caused by the coin (and it is unclear if the rewards pool currently exists). In the short term, this functionality may be able to assist. In increasing Squid token prices by alleviating selling pressure. The result was that investors were trapped in a declining asset when sentiment turned negative. In addition, the tokens appear to have been withdrawn from Pancakeswap. Which was one of the few exchanges that had the coin listed.
A cryptocurrency with a high level of risk
Many individuals are rich from cryptocurrency speculation. But the Squid Game token shows how perilous it may be to try to uncover the next Dogecoin. Or Shiba Inu (CRYPTO:SHIBA). The coin’s inflated valuation and poor anti-dumping mechanism left investors. Badly burnt and holding the bag when the token fell.