The TV show “Squid Game,” which became the most popular show on Netflix after its release last month, now has a cryptocurrency named after it, CNBC reported Thursday (Oct. 28).
Termed SQUID, it’s trading at $2.22 and is up almost 2,400% in the last day. Its market capitalization is above $174 million, according to the report.
People might want to be cautious before investing, however, as CoinMarketCap said there have been numerous reports that users aren’t able to sell the token on the decentralized exchange Pancakeswap, CNBC reported.
There was not a clear reason for this discrepancy, other than a SQUID white paper noting that the coin has anti-dumping technology, which makes it so the coins cannot be sold unless some conditions are met, according to the report.
SQUID started a presale Oct. 20, after which time it “sold out in 1 second,” the white paper said, per the report. That’s in-line with other parody cryptos which have seen rapid sales without a clear reason, including the Shiba Inu coin, which doubled in price this past week.
“Squid Game” centers around several South Korean residents, many saddled with big debts, who choose to join a series of deadly games in which the winners will receive a huge sum of money.
The token corresponding with the show was the exclusive coin of the Squid Game project, a crypto play-to-earn platform with an online tournament launching in November, the report stated. The virtual game will follow the six rounds of games from the popular show.
According to the project’s makers, the game won’t feature “deadly consequences” like its namesake, but players will have to put together a preset price in squid tokens to play every game, according to the report. Some will make it so users have to buy a custom-made nonfungible tokens (NFTs) from the website, some of which feature characters from the show.
This will not be cheap; the final game will cost $33,450, plus the cost of an NFT, the report stated.
Cryptocurrency has been seeing a boost in popularity, with J.P. Morgan reporting that more institutional investors are choosing bitcoin over gold in 2021.
Read more: Investors Choosing Bitcoin Over Gold