SQUID was worth $0.01 on Tuesday and raced above $3 on Friday. This means that taking part in the online game could be difficult.
A play-to-earn token inspired by the hit Netflix show Squid Game has experienced a dizzying rise since launching earlier this week.
SQUID was worth one cent on Tuesday — but in the space of three days, it has surged 33,600% to hit $3.37.
The token will allow players to take part in six online games, all with the goal of winning prize money. According to the project's whitepaper, an added bonus lies in how it's "without any deadly consequences."
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A Problem
Unfortunately, the token's rally may mean that playing the game itself may be unaffordable for many.
According to the white paper for the Squid Game project, those who want to participate in the first round will need to stump up 456 SQUID.
That would have cost $4.56 when the token first launched — but as of Friday morning, that price tag has ballooned to $1,536.
Worse still, the entry fee gets increasingly more expensive for each of the five rounds that follow.
In the sixth and final game, the entry fee stands at 15,000 SQUID… that's $50,500 in dollar terms.
To compound the problem, CoinMarketCap has received multiple reports that users have been struggling to sell this token on PancakeSwap — meaning it's important to exercise caution when trading.
While traders have been busy with SQUID tokens, another token has caught the eyes of traders in The Philippines. The popular PlayToEarn game, Axie Infinity's Smooth Love Potion (SLP) is under the radar of Axie players and traders alike. Find out the Axie SLP price today here on CoinMarketCap.
