Netflix Themed P2E Token Surges Over 2,400%, Here’s Why

Netflix’s most-watched and probably the most talked-about Korean reveals of all time Squid Sport is now making heads flip within the crypto world. An identical Play-to-Earn NFT sport token known as SQUID appears to be following the recognition of the present within the crypto market because the token worth surged practically 2,400% inside 24-hours. The value of the squid token surged from 1 cent to $2.20 inside 24-hours, making it one of many largest gainers within the crypto world. SQUID continues to be hovering and presently buying and selling at $3.07 with 450% good points over the previous 24-hours.

Squid Game
Supply: TradingView

The Squid sport permits gamers to purchase the native token to participate in varied on-line video games that permit token holders to multiply their holdings. Cornell College economist Eswar Prasad informed the BBC defined the explanation behind the mammoth surge within the worth of the P2E token.

“This cryptocurrency joins an extended and rising record of digital cash and tokens that piggyback on random memes or cultural phenomena. Remarkably, many such cash quickly catch buyers’ fancy, resulting in wildly inflated valuations. Naïve retail buyers who get caught up in such speculative frenzies face the danger of considerable losses.”

You Can’t Promote Your Squid Sport Token

The crypto market has been overtaken by the NFT frenzy in latest occasions and P2E NFT video games are a rage presently. Added with the truth that creators of the NFT sport determined to financial institution on the success of the latest Netflix blockbuster reveals how crypto initiatives usually financial institution on the pattern. One other catch for the SQUID token is that it can’t be offered simply.

As per a warning on Coinmarketcap, many customers weren’t capable of promote their SQUID token on Pancakeswap the place it’s presently listed. Whereas it’s not clear the precise motive behind the difficulty, however many Koreans consider it to be an anti-dumping mechanism the place customers should fulfill some standards earlier than they’ll promote the token.

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