Crazy bubbles! A digital currency called "Squid Coin" doubled 24 times in one day

"Squid Game" can actually have this kind of rubbing.

After the Netflix web series became popular, all parties could not help but want to rub a wave of heat, some selling the same clothes, some selling the same candy.

This is nothing, and now there is a more fierce, even digital currency has been launched.

There is a digital currency called "SQUID" (Squid Coin), which has risen by nearly 2400% in the past 24 hours, and the speed of growth is so fast that it shows the height of the bubble.

According to the white paper, the digital currency began pre-sale on October 20 and was "sold out in 1 second."

<h2>Squid games? Squid coins? </h2>

This virtual currency is an exclusive token for a gaming platform of the same name as Squid Games. The platform mimics the show's six rounds of matches, and the prize money the winner receives will be paid out in the form of this just-released "Squid Coin", which will start in November.

Unlike the original, the platform says: "We obviously don't offer fatal consequences!"

Moreover, the grand prize in the show is capped at $38.5 million, and this virtual simulation game will not limit the final prize money or the number of participants.

However, players must first pay a preset price of squid coins to participate in each game, and some rounds require users to purchase custom NFTs (non-homogeneous tokens, similar to game skins or props) sold on the platform. Some of these NFTs feature characters from the show, including guards in red suits and black masks.

Gameplay isn't cheap, especially at current skyrocketing prices. To participate in the last game, players must pay 15,000 squid coins (about $33,450) and buy an NFT. The membership fee for each round is split equally between the developer (10%) and the reward pool (90%).

The platform also offers a pinball pool where holders can earn tokens by staking a pledge and using the cryptocurrency they hold as collateral to earn passive income.

<h2>It's all foam</h2>

However, investors may need to be cautious, whether they aspire to participate in the squid game or simply want to make a wave of money.

CoinMarketCap has issued a warning that it has received "multiple reports" that users cannot sell the token on Pancakeswap. Pancakeswap is a popular decentralized exchange. It's unclear why some users can't sell their tokens, but the white paper describing Squid does propose an anti-dumping technique where people can't sell without certain conditions being met.

CNBC contacted the developer through the contact details listed on the Squid Gaming platform, asking if they were aware of the problem and were working to resolve it, but did not get an immediate response.

In this case, it is difficult not to think of spoof tokens such as "Dogecoin" and "Shiba InuCoin". The rise of such virtual currencies has never had any serious reason, nor has there been any reliable value basis, it is all a bubble speculated by speculators.

In the current era of "everything can be currency" and virtual coins grow wildly, it is a wise move to resolutely keep the risk out.

In addition, there is an important question that seems to be overlooked: has Netflix licensed the development of the same game platform and the release of the token of the same name?

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