In the era of meme cryptocurrencies – like Shiba Inu and Dogecoin – it was only a matter of time until a Squid Game token was released.
That day has come, with the launch of the crypto token Squid. The token varies from other meme tokens though, in the sense that it’s acquired by ‘winning’ it in games.
Squid is a “play-to-earn” token, which means that it can be bought in online games, and winners of the games will acquire more tokens.
“The more people join, the larger reward pool will be,” the token’s whitepaper reads. “More importantly, we do not provide deadly consequences apparently!”
Unsurprisingly, considering the cult following of Squid Game, the new token has taken off. On Tuesday, a single token was worth around one US cent. The price is currently sitting at $3.34 USD, more than a 3300% jump in just three days.
In some depressing news for those of us who aren’t proud HODLer’s of Squid, if you invested $100 in the token on Tuesday, it would now be worth $3,300,000.
Squid isn’t the only pop-culture coin that’s skyrocketing this week. Shiba Inu has seen a meteoric rise, jumping from 111 per cent rise this week alone. The coin has significantly grown since its inception. In fact, if you had invested $1000 into the meme currency in November 2020, it would now be worth $1.2 billion dollars.
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Squid token isn’t available in Australia yet, but Shiba Inu can be bought on the Australian Crypto site, Swyftx. Though Squid isn’t technically available here, some skilled investors are finding ways around this with a crypto wallet.
However, investors should do so with caution as CoinMarketCap, a leading crypto platform, has issued a warning, saying that it’s received “multiple reports” that users are not able to sell this token on Pancakeswap, a popular decentralized exchange.
For more on this topic, follow the Money Observer.
