Netflix’s most-watched and one of the most talked-about Korean shows of all time Squid Game is now making heads turn in the crypto world. A similar Play-to-Earn NFT game token called SQUID seems to be following the popularity of the show in the crypto market as the token price surged nearly 2,400% within 24-hours. The price of the squid token surged from 1 cent to $2.20 within 24-hours, making it one of the biggest gainers in the crypto world. SQUID is still soaring and currently trading at $3.07 with 450% gains over the past 24-hours.
The Squid game allows players to buy the native token to take part in various online games that allow token holders to multiply their holdings. Cornell University economist Eswar Prasad told the BBC explained the reason behind the mammoth surge in the price of the P2E token.
“This cryptocurrency joins a long and growing list of digital coins and tokens that piggyback on random memes or cultural phenomena. Remarkably, many such coins rapidly catch investors’ fancy, leading to wildly inflated valuations. Naïve retail investors who get caught up in such speculative frenzies face the risk of substantial losses.”
The crypto market has been overtaken by the NFT frenzy in recent times and P2E NFT games are a rage currently. Added with the fact that creators of the NFT game decided to bank on the success of the recent Netflix blockbuster shows how crypto projects often bank on the trend. Another catch for the SQUID token is that it cannot be sold easily.
As per a warning on Coinmarketcap, many users were not able to sell their SQUID token on Pancakeswap where it is currently listed. While it’s not clear the exact reason behind the issue, but many Koreans believe it to be an anti-dumping mechanism where users must fulfill some criteria before they can sell the token.
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