The Netflix hit Squid Game has become so popular that now we have a cryptocurrency based on the show named ‘SQUID.’

Squid Game is a South Korean web show in which 456 indebted people are approached by a mysterious salesman, who offers them a chance to participate in a game whose winning prize is 45.6 billion South Korean Won.

The show turned out to be a huge success. Myriad memes were made by netizens. Many YouTubers decided to recreate the challenges in the show. One fan had recreated the infamous “Red Light, Green Light” game on Unreal Engine.

Squid Game Cryptocurrency SQUID

Memes and virtual life recreation of the challenges isn’t the end of the show’s craze. Now even a cryptocurrency has been created based on the show.

On October 20 SQUID was available for presale and sold out in 1 second. Over the last 24 hours, the coin is trading at $2.22, up nearly 2,400%, according to a report by CNBC.

The crypto coin’s market capitalization is more than $174 million. Thus, this parody crypto coin has also joined the bull run for no particular reason, other than good publicity.

The token was launched as the exclusive coin of the Squid Game project (a crypto play-to-earn platform). The online tournament will mimic the six rounds of games featured in the show.

Interested participants have to pay a preset price in squid tokens in order to participate in each game. Some rounds also require users to purchase a custom-made NFT which is available for sale on their website.

Traders interested in trading the web show-based crypto coin should be cautious. CoinMarketCap said that it received multiple reports that users are not able to sell this token on Pancakeswap, a popular decentralized exchange. 

Moreover, the white paper mentioned that it has an anti-dumping technology that prevents people from selling their coins if certain conditions are not met.