After watching Squid Game on Netflix you were either thinking, “I would never want to do this” or “Sign me up!” Now a new crypto project has emerged, called SquidGame where you can earn money by playing children’s games as a nod to the Netflix series.
The SquidGame crypto is a play-to-earn digital token where users play online games to win NFTs and potentially millions of tokens as the final bonus. SquidGame will launch in November 2021 and will consist of 6 games, mirroring the games in the Netflix series. All the players will need to start from the first game and only survivors receive NFTs that allow them to play in the following games. The first game is Red Light, Green Light with an entry fee of 456 SQUID, the second game is Dalgona Candy with an entry fee of 1,000 SQUID, and the third game is Tug of War with an entry fee of 2,000 SQUID, plus the NFT earned from the Dalgona candy round. Following this, after completing the next round, users earn a Marbles NFT, then a Glass Stepping Stones NFT that takes them to the last round, the squid game round. There is no limit to the number of players, unlike the 456 player limit in the Netflix series and the reward at the end is correlated to the number of players who participate. In these games, the players are not risking their lives, just their SQUID tokens.
Presale for the SQUID tokens began on October 20th, 2021, and apparently sold out in one second. The SQUID tokens are listed on PancakeSwap only with a direct exchange for BNB tokens. However, CoinMarketCap has issued a warning that it received multiple reports of users unable to sell their SQUID tokens in PancakeSwap. According to the white paper, the SQUID tokens implement an innovative anti-dump mechanism. But, many investors are fearing that this might be a scam scheme. After posting an almost 379,900% increase from $.01 on October 26th to $38 on October 31st, many investors are wary. The whitepaper includes multiple grammatical and spelling errors with claims that are almost impossible to verify. We loved the show Squid Game on Netflix, but the SquidGame crypto project is not a winner in our books.
Went up to $2,861.80 last night and is now sitting .003 cents — The price of Squid Game token crashed to near-zero today as the developers behind the project sold their tokens on the market for 22,328 BNB ($11.9 million).
The price of the token fell from $2,856 to $0.00079 instantly as 70 million tokens were dumped on the market.