If you’re a fan wanting to express your devotion to the hit Korean Netflix show Squid Game - well, there’s a cryptocurrency for that.
The Netflix hit “Squid Game” has extended its reach into the cryptocurrency sphere with the squid token - and it’s already up over 75,000% 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 $0.012 on Tuesday, but it was at $9.19 on Friday - a surge of more than 75,000%. Its fully diluted market cap is now about $722 million.
Presales of squid started on October 20 and, according to its white paper, “sold out in 1 second.”
It’s a “play-to-earn” cryptocurrency. Squid holders can play 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,” the white paper said. “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.”