The Squid Game’s Cryptocurrency became the talk of the world after it was invented. Here is all you need to know.
The concept of Squid Game’s Cryptocurrency Token was inspired by the famous Netflix’s recent hit series ‘Squid Game,’
The new Korean series released on September Squid Game is now Netflix’s most-watched original in place of Bridgerton. Squid Game is a South Korean series with 456 participants who are heavily in debt and are approached by a queer man who made a proposal for them to participate in the Squid Game in other to win huge sums of money of 45.6 Billion Won to be able to settle their debtors.
Considering how the Korean series is going viral rapidly, the cryptocurrency market thought it wise to be part of the game. So, they invented Squid Token on the blockchain. The new cryptocurrency token was motivated by the Squid Game series.
So, the condition is that one has to take part in the presale then the Top 10 presale holders will be especially welcomed to participate in the games. The application has a prize pool of 2% of the amount generated on the presale. All 10 will participate in the games on the app. The last 3 survivors will share the money among themselves. There are 3 games in all which are unknown till the game commences but are familiar with everyone.
The Squid Token was set in motion on 20 October and has grown incredibly within a little time after its launch. On October 26, Squid crypto token-operated at approximately 1.2 cents, sooner than expected it raised to 45,000 percent by October 31 and the worth was more than $4.5.
Fortunately or unfortunately, the digital token, Squid Game crypto token has lost about 90% of all of its appraise as it was divulged to be a distinct scam.
Squid advertised itself as a “play-to-earn cryptocurrency”, (here people purchase tokens to use in digital games and can be traded for other cryptocurrencies or currencies) and so its price soared by lots of percentages.
Meanwhile, the system did not make others re-trade their tokens and this is a ‘rug pull ‘ in the crypto investment. Rug pull happens when the advocate of a digital token retract buyers, stops trading, and flees with the money generated from sales.
It was that Squid’s developers have escaped with an amount of approximately $3.38m (£2.48m).
In view of this, their value has dropped dramatically by 99.99%.
Also, its website had lots of grammatical errors and typos. The website is not available online anymore and social media accounts that helped in advertising the tokens are nowhere to be found.
Experts of cryptocurrency have warned individuals about leaked signs that it seems to be a scam. A sign was that people who purchased Squid tokens were unable to trade them.
So bad…Meanwhile, season 2 of the Squid Game is being prepared to be shot and released into the public domain on Netflix.