Netflix’s popular series “Squid Game”, SQUID token and the cryptocurrency has already gained over 20,000% this week, according to CoinMarketCap.
“Squid Game” is a South Korean dystopian drama about people vying for prize money in brutal survival games. The popular series was a notable success and became a global cultural phenomenon.
SQUID was trading around $0.012 on Tuesday, but now sits at $3.05 – an increase of almost 25,000%. Its market cap is currently around $240 million.
SQUID’s pre-sales began on October 20, and according to the whitepaper it was “sold in 1 second.”
SQUID is a “play-to-play” cryptocurrency. SQUID holders can participate in online games inspired by the games on the show. Entry fees are charged as SQUIDs – 10% of which goes to the developers and the rest is credited back to the prize pool.
“The more people participate, the bigger the prize pool,” according to the cryptocurrency white paper. “More importantly, we don’t seem to have lethal consequences! Your experience will only reflect the joy of winning prizes and the sadness of losing money when the game fails,” he adds.
SQUID seems to have joined the ranks of shiba inu-like meme coins that have achieved massive price spikes for no particular reason.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.