Warning on Squid Game Parody Coin
The coinmarket cap has issued a warning on the squid game parody coin.
It says “We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”
The squid game parody coin is an imitation of the original trading coin.
Squid tokens were launched by Squid Game, a blockchain-based play-to-earn platform. A tournament based on the show of the same name is launching online in November. Additionally, unlike the live version of Squid Game, which capped the total prize at $38.5 million for the grand prize winner, the virtual simulation will not limit the number of participants or the amount of the final bonus.
In order to participate in each round, players will, however, be required to pay a set amount in squid tokens, and certain rounds may also require users to purchase a custom-made NFT available on the company’s website.
Fans of the show have debated about the exact colour of these NFTs, which include some guards who wear full-body pink suits and black masks covering their entire faces.
Even at current prices, the gameplay isn’t cheap. You must purchase an NFT and pay 15,000, or $33,450, to participate in the final game of the tournament.
According to CNBC, SQUID is trading at $2.22, up nearly 2,400% over the last 24 hours, and its market capitalization is above $174 million.
CNBC reached out through contact information listed on the Squid website to ask whether the developers were aware of the problem and working to fix it, and didn’t immediately hear back. Netflix told CNBC it has nothing to do with the currency and doesn’t endorse it.
The coin, which started its presale Oct. 20 and apparently “sold out in 1 second,” according to its white paper, joins a list of other parody cryptocurrencies that have witnessed big run-ups for no particular reason, other than good publicity. The meme-inspired shiba inu coin, for example, has doubled in price in the last week.
The squid token was launched as the exclusive coin of the Squid Game project — a crypto play-to-earn platform. The online tournament, which launches in Novemeber, mimics the six rounds of games featured in its namesake TV show. But unlike its Netflix counterpart, the company said “we do not provide deadly consequences apparently!”