One of Netflix’s highest rated and most watched Korean shows, Squid Game, is now turning heads in the cryptocurrency world. A similar Play-to-Earn NFT game token called SQUID appears to be following the show’s popularity in the cryptocurrency market as the token price has spiked nearly 2,400% in 24 hours. The price of the Squid token has soared from 1 cent to $2.20 in 24 hours, making it one of the biggest gains in the cryptocurrency world.SQUID is still soaring and is currently trading at $3.07 with a 450% gain in the last 24 hours.
The Squid game allows players to buy native tokens and participate in various online games, allowing token holders to increase their holdings exponentially. Eswar Prasad, an economist at Cornell University, told us the reason behind the huge spike in the price of the P2E token.
“This cryptocurrency joins a long and growing list of digital coins and tokens that feature random memes or cultural phenomena as gimmicks. Remarkably, many of these coins quickly caught the eye of investors, leading to wildly inflated valuations. Naive retail investors who get caught up in this speculative frenzy run the risk of huge losses.”
You can’t sell your squid game tokens
In recent times, the cryptocurrency market has been overtaken by the NFT craze, with P2E NFT games currently a rage. This, coupled with the fact that the creators of the NFT game decided to capitalize on the success of the recent Netflix blockbuster, shows how often cryptocurrency projects take advantage of this trend.Another problem with the SQUID token is that it cannot be sold easily.
Many users are unable to sell their SQUID tokens on Pancakeswap, where the token is currently listed. While the exact reason behind this problem is not clear, many Koreans believe it is an anti-dumping mechanism where users must meet some criteria to sell their tokens.