Cryptocurrency value

The value of Squid Game cryptocurrency is skyrocketing!

If you’re a fan wanting to express your devotion to the Korean hit show Netflix Squid Game – well, there’s a cryptocurrency for that.

Squid, which was trading around 1 cent on Tuesday, hit $ 2.34 (£ 1.70) on Friday, a jump of more than twenty times.

Its market capitalization, or total market volume, is $ 184million (£ 133million).

The dystopian series – which tells the story of a group of people forced to play deadly children’s games for money – has become a viral sensation.

Squid is what is called a “play to win” cryptocurrency, where people buy tokens to play online games where they can earn more tokens. These can then be exchanged for other cryptocurrencies or fiat money.

In the case of Squid, many buyers will be players looking to play an online game from the program, which begins in November.

“The more people who sign up, the bigger the reward pool will be (sic),” according to the platform’s white paper, which says developers will take 10% of the registration fee, the 90% remainder being given to the winner.

“Most importantly, we are not providing seemingly fatal consequences!”

Individual rounds have costs to join – for example, playing round 1: Red Light, Green Light will cost a player 456 squids – with six rounds in total becoming more expensive as they go along.

“This cryptocurrency joins a long and growing list of digital coins and tokens that piggyback on random memes or cultural phenomena,” Cornell University economist Eswar Prasad told the BBC.

“Remarkably, many coins of this type quickly catch the attention of investors, leading to extremely inflated valuations. Naive retail investors who get caught up in such speculative frenzies are exposed to the risk of substantial losses.”

(BBC News)

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