Squid Game (SQUID) rose 4,600% after 2 days from launch, as the Korean community FOMO

The Korean movie Squid Game not only rocked small screens around the world, but is now also making its way into cryptocurrency with a token of the same name as the Squid Game (SQUID).

The SQUID issued on Binance Smart Chain has increased more than 4,600% in 48 hours. The price of the token rose from $ 0.1 to $ 4.65 in just 2 days of its inception, making it one of the biggest bulls in the crypto market. SQUID is still soaring and is currently trading at $ 4.65, up 300% over the past 24 hours, which is also its all-time high.

The SQUID price has not stopped rising since its release a few days ago | Source: Coinmarketcap

Squid Game enables players to buy native tokens to participate in various online games and enables token holders to multiply their holdings.

Screenshot of the Squid Game website

Cornell University economist Eswar Prasad told the BBC that he explained the reason for the token’s massive price hike:

“This token joins a long and growing list of digital currencies and tokens based on memes or cultural phenomena. In particular, many of these coins quickly attracted investor interest, resulting in an inflated valuation. Naive private investors caught up in such hectic speculation risk substantial losses. “

The cryptocurrency market is exploding with meme coins led by Shiba Inu, Floki, Dogecoin … and playing a big advertisement to earn tokens.

However, according to a warning on Coinmarketcap, many users have not been able to sell their SQUID tokens on Pancakeswap, the only exchange that lists them. While the exact reason for the problem is unknown, many South Koreans believe that it is an anti-dumping mechanism that requires users to meet several criteria before they can sell tokens. According to Coinmarketcap, SQUID’s 24-hour trading volume is $ 7 million.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Dong Trac

According to AZCoin News

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