A crypto token based on the ‘squid game’ is in full swing

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Top line

A new digital token to play to win, Squid Game, which seeks to capitalize on the popularity of Netflix’s hit Korean survival drama, has risen 62,833% since Tuesday to $ 7.54 on Friday morning, with a gain of 253.89% from the past 24 hours, according to CoinMarketCap.

The Squid Game token rose 62,833% since Tuesday to reach $ 7.54 on Friday morning. (AP Photo / Lee Jin-man)

ASSOCIATED PRESS Highlights

The token is used to pay for an online game that will launch in November, according to a white paper.

CoinMarketCap warned that it had received “multiple reports” from users unable to sell the digital token in the decentralized cryptocurrency exchange Pancakeswap.

The Squid Game token went on presale last week and sold out in “one second,” according to the white paper.

SQUID is the currency code for the crypto token, with a logo depicting the shapes of a mysterious card given to potential players in the hit series.

Key context

Unlike black comedy, online gambling is not limited to 456 indebted players, “anyone here in the crypto world can participate,” according to the white paper. There is no maximum limit to the amount of the final prize, which increases as players participate. There are six levels in the online game, and the higher the players go, the higher the entry fee will be. The developers will take 10% of the registration fee and 90% will go to the final bonus for the winner of the online game.

Tangent

Joke cryptocurrencies have gained traction. Earlier this week, the Shiba Inu meme coin exceeded the market value of the Dogecoin meme coin.

Further reading

Meme Coin Shiba Inu overtakes Doge by market cap as supporters ask Robinhood to list him (Forbes)

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