Netflix's hit show "Squid Game", has expanded its reach with the SQUID token. It is up over 75,000% in the last week according to CoinMarketCap.
Netflix via BI
"Squid Game," a South Korean dystopian television series, features people who compete for money in brutal survival games. This hit series has been a huge success and is now a cultural phenomenon.
SQUID traded at 1.2 cents Tuesday. However, it is now trading at $9.19 - an increase of over 75,000%. The market cap of the SQUID is approximately $722 million when it's fully diluted.
SQUID pre-sales began on Oct. 20, and were "sold out in one second," according to the white paper.
It is a "play to earn" cryptocurrency. SQUID holders are eligible to participate in online games inspired from the show. SQUID charges entry fees. 10% goes to the developers and the rest is invested in the reward pool.
According to the whitepaper, "The larger the reward pool will become, the more people that join it," We don't provide any death penalty, which is more important. It adds that your experience will only reflect the joy of winning rewards as well as the sorrow at losing money in the game's failure.
SQUID is now a meme coin like the shiba-inu, posting huge price rallies that seem to be spurred by no specific reason.
Correction: An earlier version incorrectly stated that SQUID cryptocurrency had jumped by 2,000%.