Squid Game Cryptocurrency Up 45,000% In Less Than 1 Week

The newly launched cryptocurrency Squid Game has risen more than 45,000% since it launched earlier this week. On Tuesday the token was traded at around 1.2 cents and is now worth over $ 4.5 - a growth of over 45,000%.

The coin is inspired by the hit Netflix series in which a group of insolvent Koreans attempts to win a deadly tournament based on children's games. The Squid token itself is a “play-to-earn” currency.

The Squid Game Show was an instant hit worldwide and quickly became the most-watched series of all time. 11 million people watched Squid Game on October 12th.

In the new project, people buy Squid tokens in order to take part in online games that they already know from the show - but without the fatal consequences. The games give investors the chance to win additional tokens that can be exchanged for other cryptocurrencies or fiat money (i.e. euros or USD).

Buying the Squid Game cryptocurrency increases the rewards

The platform's whitepaper states:

The more people participate, the larger the reward pool will be. 10% of the participation fee goes to the developers. The remaining 90% goes into the reward pool for the final winner of the game.

The online tournament will follow the storyline of the series and will consist of six-game rounds. The company has said that "anyone here in the crypto world with SQUID tokens or related NFTs can participate in the Squid Game on our marketplace."

The first round, called Red Light Green Light, costs participants 456 Squid. The second stage will cost an entry fee of 1000 units of the digital coin.

Squid Game is not the first cryptocurrency based on cultural trends. Memes around the world like Dogecoin have proven successful in the cryptocurrency world.

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