The Squid Game cryptocurrency, named SQUID, has rocketed in value by roughly 3,300% in the last 48 hours, and was trading at US$3.36 in Friday’s early deals.
SQUID began pre-sale on the 20th October, starting at US$0.01.
The crypto, named after Netflix’s worldwide hit Squid Game, was launched as the exclusive coin for the Squid Game project which is a ‘play-to-earn’ tournament set to launch in November.
Netflix and Squid Game made headlines all over the globe as the show raced to be the streaming platform’s most watched series within weeks of its release.
The games will be held online and consist of six rounds, with each round modelled on the playground games on the show. Unlike the hit Korean series however, there will not be deadly consequences for those who fail to make it through.
Players will be required to pay a price in SQUID to enter each round, with the final game expected to cost 15,000 tokens (roughly US$54,000, according to today’s price). Some rounds will also require players to purchase a non-fungible token that can be bought on its website.
Another difference with the show is that there is unlimited potential for the final winnings, with the pot comprising the fees paid each round.
Those interested in playing the game have been urged to proceed with caution, because they may not be able to resell the token.
CoinMarketCap, a price-tracking website for crypto assets, posted a notice on their page stating that it had “received multiple reports that users are unable to sell this token on Pancakeswap.”
Pancakeswap is decentralised crypto exchange. The reasons why users are unable to sell SQUID on Pancakeswap are unclear.