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Squid Video games token $SQUID soars 1,000%: right here’s what you wish know

Squid Video games token $SQUID soars 1,000%: right here’s what you wish know

Fans of the hit Korean Netflix enlighten Squid Sport, a dystopian series that tells the myth of a community of of us forced to play deadly children’s games for money, can now advise their appreciation by procuring the enlighten’s native token, $SQUID.

You want this coin to play the on-line model of this plan. The coin used to be price trustworthy 1 penny on Tuesday. At the time of writing, its price has reached $6.00 and it’s only getting increased.

Traders must be cautious

Squid’s token would possibly presumably perhaps additionally merely acquire change into a viral sensation, however the platform has been criticized for no longer allowing investors to resell their tokens. Based on a warning printed on CoinMarketCap, “users are no longer able to promote this token in Pancakeswap. Please exercise caution while procuring and selling!”

Based on the corporate, it is using unusual anti-dumping technology that restricts selloff if no longer ample money are being bought on the market. Squid used to be conceived as a “play-to-have” cryptocurrency, the keep holders can have more tokens in on-line games. Then, they would possibly be exchanged for fiat or diversified cryptocurrencies, on the least in idea.

Based on Squid’s whitepaper, there is now not any restrict to what number of of us would be half of the platform. It sounds as if, the more the upper – the reward pool will get increased if more of us be half of. The winner will get 90% of the entry price, and builders hold the final 10%.

Cornell University economist Eswar Prasad discussed Squid in an interview for the BBC and acknowledged:

“This cryptocurrency joins an extended and rising checklist of digital money and tokens that piggyback on random memes or cultural phenomena. Remarkably, many such money without discover protect investors’ esteem, resulting in wildly inflated valuations. Naïve retail investors who get caught up in such speculative frenzies face the possibility of substantial losses.”

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