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‘Squid Game’ Crypto Price Up by 2,400% in a Day—Here’s What You Should Know

“Squid Game” cryptocurrency, which borrows its name from the hit South Korean series on Netflix, which has become an instant worldwide phenomenon, is seeing a steep 2,400% increase in its price in just 24 hours.

(Photo : by GIUSEPPE CACACE/AFP via Getty Images)

Participants take part in an event where they play the games of Netflix smash hit “Squid Game” at the Korean Cultural Centre in Abu Dhabi, on October 12, 2021. – A dystopian vision of a polarised society, “Squid Game” blends a tight plot, social allegory and uncompromising violence to create the latest South Korean cultural phenomenon to go global.

As per the report by Boss Hunting, the “Squid Game” effect has already reached impressive gains since the South Korean series first debuted in the American streaming service.

In fact, an internet service provider in the Southeast Asian country, SK Broadband, even brought Netflix to court for jacking up its network usage traffic and increasing its expenses for upgrades and maintenance.

On top of that, the white Vans, which the players of the battle royale-themed game wore in the series, also received a steep increase in sales of up to 7,800%.

To further prove its hype, Netflix even announced that “Squid Game” is its “biggest series launch ever,” garnering a cool 111 million views last Oct. 12.

‘Squid Game’ Crypto Price Up by 2,400%

But it seems that the phenomenal popularity of the South Korean series does not end there.

Now, a cryptocurrency that goes by the name “Squid Game” also capitalized on its hype. To be precise, it already got a 2,400% price increase in just a day.

Boss Hunting further noted in the same report that in the past 24 hours, SQUID was only priced at $0.1. However, this time around, the new crypto is already trading to the tune of $2.22, according to the report by CNBC.

What’s more, the market capitalization of the “Squid Game” crypto is already at a whopping price of $174 million.

‘Squid Game’ Crypto: What is it?

The “Squid Game” crypto started its pre-sale last Oct. 20 as a token for a game of its namesake. However, the white paper of the said crypto claimed that it “sold out in 1 second.”

CNBC further noted that it is not the first time that parody crypto has seen this massive hype that led to its hefty price increase.

For instance, another crypto that was inspired by a meme, the Shiba Inu coin, still continues to see impressive price increases. And the new crypto in town, “Squid Game”, is doing the same early on.

Read Also: Squid Game App Laced with ‘Joker’ Malware | Cybersecurity Researcher Warns Users of Access to Hackers

“Squid Game” Play-to-Earn

As mentioned, the new crypto was actually made to be a token of the play-to-earn title called “Squid Game.”

The gaming title is an online tournament that seeks to bring the six-round games from the hit series to the virtual world.

Although the play-to-earn game will also have a valuable grand prize, as well as the same games as the series, it does “not provide deadly consequences”.

To enter the game, its players will have to spare 15,000 worth of the token, which is now valued at a whopping $33,450.

Related Article: Squid Game Merch Keywords is Banned from E-Commerce Stores in China | Merchants Find a Workaround

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Written by Teejay Boris

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