Squid Game cryptocurrency Squid rises 1,00,000% in a week, warning issued
The 'Squid Game' mania has taken over the cryptocurrency market, with the popular currency named after the hit Korean show registering more than 1,00,000 per cent growth within this week. On Tuesday, the coin was trading at $0.01235. By Saturday, it was commanding a price of $13.60, as per CoinMarketCap.
Between Thursday and Friday, the currency price recorded a spike of 2,400 per cent in 24-hour span and now has a market capitalisation of over four billion.
Squid was launched as a "play-to-earn" cryptocurrency for Squid Game project - an online tournament that will be launched in November. The players can use Squid in the game and even earn the cryptocurrency as they advance in the game. It can then be exchanged for other cryptocurrencies or fiat money.
However, CoinMarketCap has posted a notice for users interested in Squid, which said that they have “received multiple reports that users are unable to sell this token on Pancakeswap”, and asked to “exercise caution” when trading.
"This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP," the warning further said.
Pancaskeswap is a popular decentralised crypto exchange.
Squid Game is a dystopian South Korean thriller, streaming on Netflix, where hundreds of cash-strapped individuals are pitted against each other in traditional children's games. The victor can earn millions, but losing players are killed.
Games include marbles, tug of war, and red light, green light.
However, according to a whitepaper issued by Squid, the upcoming tournament will be based on the popular Netflix series but it won't "provide deadly consequences".
The series, an instant hit, has led to concerns across the world. A school district in New York state said on Thursday that it had banned children from wearing Halloween costumes from Squid Game over concerns they might glorify violence.
Earlier this month, reports said schools in England had warned parents that children were re-enacting games from the series, which is intended to be viewed by mature audiences.