The hit “Squid Game” has extended its reach into the cryptocurrency sphere with the SQUID token and it’s already up well over 2,000% this week, according to CoinMarketCap.
“Squid Game” is a South Korean dystopian series about people competing for prize money in brutal survival games. The hit series is a runaway success and has become a global cultural phenomenon.
SQUID was trading around 1.2 cents on Tuesday, but it’s now at $3.05 a surge of almost 2,500%. Its market cap is now approximately $240 Million.
Pre-sales of SQUID started on Oct. 20 and, according to its white paper, “sold out in 1 second.”
It’s a “play-to-earn” cryptocurrency. SQUID holders can take part in online games inspired by games in the show. Entry fees are charged in SQUID 10% of which go to the developers, and the rest is invested back into the reward pool.
“The more people join, the larger reward pool will be,” according to the white paper. “More importantly, we do not provide deadly consequences apparently! Your experience will only reflect on the joy of winning rewards and sorrow of losing money when the game failed,” it adds.
SQUID joins meme coins such as the Shiba Inu in posting massive price rallies seemingly spurred by no particular reason.