The hype surrounding Squid Game continues. According to Business Insider, the Netflix original series has now inspired a cryptocurrency called “Squid,” which has taken off among traders.
On Tuesday, the cryptocurrency was trading around $0.012, but as of Friday, it jumped to $9.19 – creating a surge of over 75,000%. The article notes that its fully diluted market cap is currently sitting at about $722 million. Presales of Squid began earlier this month, on October 20th. Its white paper reveals that shares sold out in just one second.
Squid is what is called a “play-to-earn” cryptocurrency, meaning that holders play online games that are inspired by the show, such as Red Light, Green Light. Entry fees are charged in Squid, with 10% going back to the developers and the rest being invested back into the reward pool.
“The more people join, the larger the reward pool will be,” the white paper explains. “More importantly, we do not provide deadly consequences apparently! Your experience will only reflect on the joy of winning rewards and sorry of losing money when the game failed.”
Since it premiered on Netflix on September 17th, Squid Game has taken over the internet, quickly becoming the streamer’s most successful original series to date. The series takes place in South Korea, and follows a group of disparate, strapped-for-cash individuals who find themselves competing in rounds of children’s games in hopes of taking home a massive prize pool that will clear their debts.
Unfortunately, the competitors quickly (and brutally) learn that if they fail the game, they run the risk of being shot. During their first round, players watched hundreds of their friends get shot down by a giant doll that you may have seen being frequently meme’d on Twitter.
A second season of Squid Game has yet to be confirmed, although higher ups at Netflix have confirmed that they’d be more than happy to work with director Hwang Dong-hyuk again, if he’s got the time in his busy schedule.
Would you trade your money for Squid to participate in the virtual Squid Game? Let us know in the comments.
[Via]
