The popular South Korean TV series “The Squid Game” has its own cryptocurrency, the value of which has grown more than 30 times in two days.
Pre-sales of the digital Squid coin (“squid”) started on October 20. Back on Wednesday, October 27, one token could be bought for 1.1 cents, as of 10:22 Moscow time on October 29, Squid is trading at $ 3.35, according to the CoinMarketCap platform. Thus, the growth of the cryptocurrency exceeded 3300%, its market capitalization exceeded $ 261 million. At the same time, the platform reported numerous complaints from users who, for an unnamed reason, cannot sell the token on the popular decentralized exchange Pancakeswap.
The Squid Game, which follows the deadly competition of 456 adults for the top prize of $ 38.5 million, became the most watched series in Netflix streaming history in October, with 111 million fans.
Squid was released as an exclusive currency for the show’s online game, which starts in November. To participate in each of the six rounds, you need to pay a certain amount, which increases as you approach the final. So, to join the game, you need to pay 456 tokens, or $ 1500 at current quotes. Participants in the final round will pay 15 thousand tokens ($ 49.5 thousand) and will be required to buy one of the non-fungible NFT tokens. According to the creators of the game, they will take 10% of the entry fees, the remaining 90% will be received by the winner.
Squid was not the first cryptocurrency to gain popularity due to the cultural phenomenon: on October 28, the comic Shiba Inu token surpassed its rival Dogecoin in capitalization, inspired by the meme of the same name. The market valuation of Shiba Inu exceeded $ 42.3 billion against $ 40.5 billion for Dogecoin.
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