Netflix series Squid Game, a South Korean drama about debt-burdened players who compete in children’s games for money under peculiarly dangerous circumstances, has sparked some pretty controversial predicaments since its premiere.
Quickly becoming a pop culture phenomenon as the most watched series on the streaming platform, Squid Game has inspired people to recreate and purchase the wardrobe in hopes to wear the outfits as Halloween costumes, while elementary schools across the country have banned students from playing similar games on their campuses in order to avoid violent scenarios.
It wasn’t too long ago when a Squid Game cryptocurrency was announced and now the coin is experiencing a spike as its market cap landed well above $174 million on Thursday, according to a report from CNBC. At the time of this report, CoinMarketCap showed that the stock was up 400%-plus and priced at $11.13, a far stretch from its modest $0.012 open price.
Similar to the premise of the Netflix series, the Squid Game project will conduct a play-to-earn, six-round online tournament in Nov. to further engage traders. Currently, the coin can be purchased on exchange platform Pancakeswap. But, before making that commitment there are a few things to consider.
While the crypto seems like a fun dream come true, there are some sources that claim the coin is a get-rich-quick scam that will leave many disappointed. The main reason for this lies in the discovery by some retail investors that the crypto is not sellable once you buy it.
A commonplace trait for scams would have it so that investors would pump a lot of money into the latest digital currency attached to a pop culture brand only for that money to ultimately be “robbed” once the creator of the crypto suddenly “pulls the rug from under them.”
A report from Gizmodo’s Matt Novak explores different details that reveal the cryptocurrency is not to be trusted — and it makes a whole lot of sense. From the sketchy website to claims that cannot be verified, experienced investors have many unanswered questions about the Squid Game coin. However, with big media outlets giving legitimacy to the digital currency without detailed research, many people are buying in without any caution.
