According to data from CoinMarketCap, SQUID’s price skyrocketed by 35,000% since its inception, October 26. This play-to-earn token was created based on the acclaimed Korean Netflix TV series “Squid Game”. Gizmodo considered suspicious the fact that this project went online less than a month ago, and people could not respond to their posts on Twitter and Telegram. After all, it turned out to be true, since users were unable to sell their tokens on PancakeSwap DEX and SQUID’s website is presently unavailable. According to the CoinMarket graph, after launching last Tuesday when SQUID cost $0.012, the token soared by about 35,000% in early November. However, not everything went smoothly: after five minutes, the value of the coin dropped by 99.99% to $0.0007.
There are as many competitions in this online game as in the series itself. To participate, you must provide a fee of 456 squids for the first round, which increases with each round passed. Rewards for winning are summed up, and 10% of the amount goes to the project team. It’s not like in the TV series, everyone can participate in this game, not just 456 players by buying tokens. In some large countries, people earn more on P2E platforms (one of the most popular platforms in recent months) than on their main jobs, which leads to the fact that the local state plans to introduce a tax for these games.