Ground Report | New Delhi: Squid Game cryptocurrency; The Squid Game, the popular Korean series premiered in Argentina by the Netflix streaming platform is, without a doubt, one of the entertainment industry products with the greatest impact of the year.
Squid Game cryptocurrency
This popularity even allowed him to disembark in the increasingly thriving world of cryptocurrencies with the Squid Game (SQUID) token. The cryptocurrency of Netflix’s popular TV series Squid Game has seen a strong jump within a few days. As of last Tuesday, this cryptocurrency, which is being bought and sold at about 1 cent, has reached the level of US $ 2.34 on Friday.
ALSO READ: How do cryptocurrency work?
The total market capitalization of this cryptocurrency is approximately US$ 184 million. Some people are forced to play children’s games for money in this TV series that has been going viral across the world for the last few weeks.
Squid is known as a ‘play to earn’ cryptocurrency that people buy to play online games. More squids can be acquired by playing online games which can be converted into other cryptocurrencies or fiat money. In the case of squid, there will be many buyers who will be gamers and will take part in online squid games starting in November.
In addition, its commercialization volume for the day exceeded the US $ 6,300,000, as revealed from the specialized website Coinmarketcap.com, a figure that placed it in position 2,832 within the ranking managed by the platform.
Squid Game is located by many specialists within the subgroup known as “Meme Coins”. Within this segment, Dogecoin (DOGE) is the most famous of all and managed to position itself among the top 10 cryptos with the highest market capitalization.
And in recent months a powerful rival has emerged: his name Shiba Inu (SHIB), was launched at the end of 2020 on the Ethereum network by Shytoshi Kusama and is already in the top ten of the cryptocurrencies with the highest market capitalization.
The increase in the price that this particular cryptocurrency registered put it on the radar of many users who are looking for new projects to make a low initial investment and await the opportunity to sell it at a higher price.
Faced with this type of strategy, Burbach issues a strong warning: “You have to be very careful with this type of tokens that register sudden increases because it is most likely that they will suffer the same or more dramatic falls.”
For this reason, the expert states that for this type of hyper volatile asset you should always invest an amount of money that you are willing to lose due to the risks that it entails.