The price of ‘Squid Game’ crypto increases 2,400% in one day – here’s what you need to know

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The cryptocurrency “Squid Game”, which takes its name from the South Korean hit Netflix series that became an instant global phenomenon, saw its price increase by 2,400% in just 24 hours.

(Photo: by GIUSEPPE CACACE / AFP via Getty Images) Participants take part in an event where they play games from the Netflix hit “Squid Game” at the Korean Cultural Center in Abu Dhabi on October 12, 2021. – A dystopian vision of A polarized society, “Squid Game” mixes a tight plot, social allegory, and uncompromising violence to create the latest South Korean cultural phenomenon to go global.

According to the Boss Hunting report, the “Squid Game” effect has already reached impressive gains since the South Korean series debuted on the US streaming service.

In fact, an Internet service provider in the Southeast Asian country, SK Broadband, even sued Netflix for increasing its network usage traffic and increasing its spending on upgrades and maintenance.

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

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

‘Squid Game’ crypto price increases 2,400%

But it looks like the phenomenal popularity of the South Korean series doesn’t end there.

Now, a cryptocurrency called “Squid Game” has also capitalized on its hype. To be precise, he already got a price increase of 2,400% in one day.

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

Moreover, the market cap of the crypto “Squid Game” is already at a whopping price tag of $ 174 million.

Crypto ‘Squid Game’: what is it?

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

CNBC further noted that this was not the first time the crypto parody has seen this massive hype that led to its steep price hike.

For example, another meme-inspired crypto, the Shiba Inu coin, continues to see impressive price increases. And the new crypto in town, “Squid Game,” does the same right from the start.

Read also: Squid Game App associated with ‘Joker’ malware | Cyber ​​security researcher warns users against accessing hackers

Winning game “Squid Game”

As mentioned, the new crypto was actually designed to be a token of the playing title called “Squid Game”.

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

Although the game up for grabs will also offer a great value grand prize, as well as the same games as the series, it “has no lethal consequences.”

To enter the game, its players will need to save $ 15,000 from the token, which is now valued at $ 33,450.

Related Article: Squid Game Merch Keywords Banned From China Ecommerce Stores | Traders find a workaround

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Written by Teejay Boris

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