A new play-to-earn digital token, Squid Game, which is seeking to cash in on the popularity of Netflix’s mega-hit Korean survival drama, has risen 62,833% since Tuesday to $7.54 Friday morning, with a 253.89% gain over the past 24 hours, according to CoinMarketCap.
Squid Game token traded at $6.80 on Friday morning, up 57,166% since Tuesday. (AP Photo/Lee Jin-man) … [+]
The token is used to pay for an online game that will launch in November, according a white paper.
CoinMarketCap has issued a warning that it has received “multiple reports” of users unable to sell the digital token in decentralized cryptocurrency exchange Pancakeswap.
Squid Game token went on presale last week and was sold out in “a second,” according to the white paper.
SQUID is the crypto token’s currency code, with a logo featuring the shapes on a mysterious card given to potential players in the hit series.
Unlike in the dark comedy, the online game is not limited to 456 players in debt, “everyone here in crypto world can participate,” according to the white paper. There is no maximum limit to the amount of the final prize, which gets bigger the more players participate. There are six levels in the online game, and the higher up players go, the more expensive the entry fee will be. Developers will take 10% of the entry fee and 90% will go toward the final bonus for the winner of the online game.
Joke cryptocurrencies have been gaining steam. Earlier this week, the meme coin Shiba Inu coin surpassed fellow meme coin Dogecoin’s market value.
Meme Coin Shiba Inu Surpasses Doge By Market Cap As Supporters Petition Robinhood To List It (Forbes)
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Author: Lisa Kim, Forbes Staff