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Highlights:
- The price of Squid game tokens surged by more than 61,000% in a week
- The token grants an entry of the online game based on the script of the show.
- 90% of revenue goes to the winner of the Game.
Game of tokens
A play to earn a token, SQUID is up by more than 61,000% in a span of 3 days. The token debuted on October 26th at $0.01 and is currently trading at an all-time high of more than $9.00. The max supply of this coin is capped at 78 million tokens. The price of the token caught momentum on October 29th, where the price of the token rallied more than 320% in a day under the craze of one of the most-watched web series.
This token grants an entry to a game, based on one of the most-watched series squid games.
In the game, as the show goes, competitors take part in 6 contests with players eliminated in each round. A fee of SQUID 456 is charged to enter the first level and goes on increasing after each one.
At the end of the Game, the player who won will receive 90% of the revenue collected through the tokens. The remaining 10% of the receipts will go to the developing team of the game.
However, there is one difference in contrast to the show, unlike 456 players the game has no upper limit as such. Anybody who owns a sufficient amount of tokens can play the game. However, only 456 players would be allowed to compete at a time of which only 1 shall win.
According to the games website, players can soon compete with each other for a big bonanza. Speculators who are looking to profit from the hype may face problems. The popular stakeholder of cryptomarkets CoinMarketCap triggered signs of warning that users might not be able to sell their token on Pancakeswap.
Play to earn tokens have surged quite a lot in recent months with Axie Infinity being the most popular, Especially after making people feel like Christmas in an arcade. The rally has definitely bagged the eyeballs of local regulators and authorities who are looking out for ways to tax the player’s revenue in the future.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
