The newly released Squid Game cryptocurrency has surged over 45,000% since its launch earlier this week. On Tuesday, the token was trading at around 1.2 cents and is now valued at over $4.5- a growth of over 45,000%
The token is inspired by the hit Netflix show, which followed a group of cashless Korean’s as they tried to win a deadly tournament based on kids’ games. The Squid token itself is a ‘play-to-earn’ currency.
The Squid Game show was an instant hit around the globe, fast becoming the most-watched series of all time. 11 million people tuned into Squid Game on the 12th October.
The Squid Game project sees people buying Squid tokens to participate in online games that will mimic the famous show- without the deadly consequences. The games give investors the chance to win more tokens that can be exchanged for other cryptocurrencies or fiat money.
According to the platform’s whitepaper, “the more people that join, the larger the reward pool will be. 10% of the entry fee will be sent to developers and the remaining 90% will be added to the reward pool for the last winner of the game.”
The online tournament will follow the shows’ plotline with six rounds of games. The company has said that “everyone here in the crypto world can participate in the Squid Game with SQUID toke or related NFTs in our marketplace.”
The initial round, named Red Light Green Light, will cost participants 456 Squid and the second level will cost an entry fee of 1000 units of the digital asset.
Squid is not the first token to be created based on cultural trends. Memes around the world such as Dogecoin have proven to be successful in the world of cryptocurrency.
