Caution to traders: Squid Game token can’t be sold and is unlikely to be official

Rick Steves

If the market price keeps on rising the way it has been, the virtual Squid Game will be exclusive for rich gamers who don’t have to risk their lives in order to win.

Squid Game, the most popular show on Netflix, has fueled the launch of a few tokens going by the same name. One of them, SQUID, caught the eye of the masses.

The coin started its presale on October 20 and sold out in one second, according to its white paper.

SQUID was launched as the exclusive coin of the crypto play-to-earn platform with the same name. Starting in November, the online tournament follows the show’s plotline with the six rounds of games, but the company already stated “we do not provide deadly consequences apparently!”

The extremely popular Korean-language show is about a deadly tournament of adults playing children’s games in the hopes of winning a big cash prize.

The white paper also lays out an anti-dumping technology that prevents people from selling their coins if certain conditions are not met.

That may be the reason behind the skyrocketing price of SQUID, which is trading above $11 already, from around $0.12 three days ago.

Coinmarketcap has already issued a warning to investors after receiving “multiple reports” that users are not able to sell this token on Pancakeswap.

The virtual simulation of Squid Game has prizes of its own, but unlike the Netflix show, it won’t limit the maximum of the final bonus nor the number of participants.

As to SQUID, there is a preset price in order to participate in each game. It is likely, however, that the game’s developers weren’t expecting the market price to explode to $3 on such short notice.

On top of that, users are required to purchase a custom-made NFT available for sale on their website, featuring characters from the show such as the guards in full-body reddish-pink suits and black masks.

To play in the final game of the tournament, the price is 15,000 SQUID. If the market price keeps on rising the way it has been, the virtual Squid Game will be exclusive for rich gamers who don’t have to risk their lives in order to win.

The winner(s) will earn 90% of the game’s entry fees which will be deposited in the reward pool. The remaining 10% will go to the developers.

SQUID is also available for cryptocurrency staking: investors can put up their holdings as collateral to earn passive income in an offering called Marbles Pools, a reference to the show.

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 

Technology

STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 

Technology

Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.

<