South Korean juggernaut ‘Squid Game’ now has its own brand of cryptocurrency that has gained 2,400 percent in 24 hours, to trade at $2.22, CNBC reported. Further, the market capitalization of the novelty token ‘SQUID’ is above $174 million.
As of 9.40 am on October 29, it was trading at $2.80 – jumping a further 1,014.50 percent, as per CoinMarketCap. The volume of trade over 24 hours was up 123 percent to $5,513,681.
The Korean-language Netflix death-game drama made headlines after it became the streaming platform’s most widely watched show ever. The crypto began pre-sale on October 20 and its whitepaper claims it sold out “in 1 second”.
It’s a “play-to-earn” cryptocurrency. SQUID holders can take part in 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,” according to the white paper. “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,” it adds.
SQUID joins meme coins such as the Shiba Inu in posting massive price rallies seemingly spurred by no particular reason
Squid Game is a South Korean series in which, 456 people crushed with crippling debt are approached by a mysterious salesman, who offers them a chance to participate in a game whose winning prize is 45.6 billion South Korean Won.
The show stars an ensemble cast of Lee Jung-Jae, Park Hae-soo, Jung Ho-Yeon, O Yeong-Su, Anupam Tripathi, Gong Yoo Wi Ha-Joon among others. As the popularity of the show skyrockets, the cryptocurrency market also wants a place in the game.
A new cryptocurrency token on the blockchain, called ‘Squid Token’ was created. According to the website, this is the “first Game Token on the Binance Smart Chain Network. Squid Token is inspired by the famous Netflix Series “Squid Game”.”
In a description of how the ‘Game’ works, is “you have to do is participate in the presale, the top 10 presale holders (based on the number of holdings) will be given VIP entrance to our game application. The Squid Token application will have a price pool, the price pool will be 2% of the amount raised on the presale and 10 of you will be able to participate in the games in the application and 3 of you will split the price pool.
All you have to do is play and survive,” reads the description on the website. It also follows the same format of games in the actual series, explaining that after “the presale is over, the top 10 holders will be moving on to our application where they will be playing 3 games, each of those games will be giving points to the top 3 positions and after the 3 games the 3 holders with the most amount of points will be splitting the prize pool.
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