Squid Game Cryptocurrency Skyrockets, Gains 300 Percent in 24 Hours

The dystopian series tells the story of a group of cash-strapped people forced to play deadly children's games for money.

By Edited by Gadgets 360 Newsdesk | Updated: 30 October 2021 18:14 IST

Squid Game Cryptocurrency Skyrockets, Gains 300 Percent in 24 Hours

Photo Credit: Netflix/ Youngkyu Park

Market analysis agencies have issued a warning against Squid cryptocurrency

Highlights

People are supporting Squid Game online game wholeheartedly
The online game mimics the six rounds of games featured in the show
Developers will take 10 percent of entry fee, 90 percent given to winner

South Korean survival drama television series Squid Game has earned a dedicated following in a very short time. If you are one of those who liked the show and want to express support for it, you can now do that using cryptocurrency. An online version of the programme has been created by gamers. And, to play it, you will have to use Squid cryptocurrency. Well, people are supporting it wholeheartedly. The crypto has skyrocketed over the past 24 hours, gaining nearly 300 percent.

According to CoinMarketCap, the crypto was trading at $13.04 (Rs. 977) at the time of writing this report. On Tuesday, it was worth a modest $0.01 (Rs. 0.075). By Friday, the new cryptocurrency had reached a value of $4 (Rs. 300). But the market analysis agency has also issued a warning, saying it has got “multiple reports” that users are not able to sell this token on Pancakeswap, a popular decentralised exchange. “Please do your own due diligence and exercise caution while trading!” The crypto began pre-sale on October 20.

The dystopian series tells the story of a group of cash-strapped people forced to play deadly children's games for money. It's a survival game that has 45.6 billion-won prize at stake. Given the high stakes, the show has become a viral sensation. The online game mimics the six rounds of games featured in the Netflix show. But, the company said, “we do not provide deadly consequences apparently!" In the game, people buy tokens to play and earn more tokens. These tokens can then be exchanged for other cryptocurrencies or fiat money.

The Squid white paper says the more people join, the larger the reward pool will be. Developers will take 10 percent of the entry fee with the remaining 90 percent given to the winner.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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