Squid game crypto currency and what it is

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If you are one of those who want to participate in the squid game or “Squid game”, the famous Korean series on Netflix, you can now buy a digital currency that enables you to experience this terrifying experience. An online version of the series has been created, but it needs a specific digital currency in order to participate in it, and this currency has been called “Squid game Cryptocurrency.” Initially, the Squid Game Cryptocurrency was traded at a modest price of about 1.2 cents.

Understanding the squid game cryptocurrency

Squid game crypto currency and what it is

The series “Squid Game” takes place in South Korea, where the story begins with a middle-aged man, mired in debt, and living below the poverty line with his mother, who spends his miserable days trying to get any amount of money to gamble with, in order to achieve the quick wealth that saves his family.

Instead, he only encounters problems and creditors, and by chance meets a man who wants to play a children's game with him.

Play principle

Play principle

People usually buy tokens such as the characters they want in the game, character clothes, or other options available in games in order to play online.

They can earn more tokens, in order to then exchange them for other digital currencies or fiat money.

According to the release document: “The more people who join, the bigger the reward will be (sic).” That is, the prize number that the player will win is not a predetermined number as it is in the series.

Squid game crypto currency warnings

Squid game crypto currency warnings

Cryptocurrency price tracking website “CoinMarketCap” has issued a warning that many users have been unable to resell their tokens on popular cryptocurrency exchanges.

Squid has been criticized for not allowing investors to resell their tokens (i.e. their cryptocurrency).

Therefore, potential buyers should be careful before jumping into the squid game cryptocurrency trading in order not to discover later that they have a large amount of it, that they cannot dispose of in any way.

Some notes from the squid game cryptocurrency white paper

If you have some tokens, you can sell a certain number of Squid any time you want on Pancake Swap.

The white paper doesn't provide much information about tokens other than stating the following:

Several parties contacted Squid through the contact information included in it to ask if the developers were aware of the problem of users not being able to resell their code and if they were working on a fix.

Is this game or even the squid game cryptocurrency a scam scheme?

Amid the incredible growth of squid game cryptocurrency along with reports about the inability to sell the token, some experts in the crypto community have stated that the new currency is likely a fraud scheme A Twitter user also noted that the founders of the game “Squid” mentioned on the coin's official website, are not on the main professional LinkedIn network.

Today, there was a significant drop in the price of the squid currency, reaching $0.0028100189, which is a 99.99% decrease from its value in the past 24 hours. The market value of Squid Game is currently $1.

In the end, this will be a valuable lesson for everyone who invested in Squid game cryptocurrency to beware of investing in random currencies and symbols that come out of nowhere and beware of drifting with the “trend” and avoiding everything that is based on that.

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References:

CoinMarketCap

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