SQUID, a cryptocurrency inspired by the hit Korean-language show "Squid Game," has seen a 24-hour surge that bested Bitcoin's 2021 record price increase.
As of Thursday, SQUID is trading at $2.22, up by nearly 2,400% from $0.1 recorded 24 hours ago. The cryptocurrency's market capitalization is also now above $174 million, according to CNBC.
The growth of the Squid Game-inspired coins beats that of Bitcoin's, which recorded a 355% surge from $13,000 on Oct. 30, 2020, to $61,000 on Thursday, according to price charts by Coinbase.
SQUID sold out in a single second after it opened its presale on Oct. 20, according to its whitepaper. The cryptocurrency is an exclusive coin of the Squid Game Project — a platform that offers users six rounds of games. But unlike the hit Netflix show, the platform allows more than one person to win. There also aren't any "deadly consequences" for those who fail to complete a challenge.
Unlike the series, the virtual platform will not limit the grand prize. However, players would have to pay a present price in squid tokens to participate in each round. Some games also require users to purchase a custom-made NFT to participate.
Players wanting to partake in the final round of games would have to pay 15,000 SQUID tokens, which amounts to $33,450, as well as purchase an NFT.
At least 10% of the entry fees will then go to the virtual simulation's developers and 90% will go to the reward pool.
The platform also offers Marbles Pools where users can earn tokens through staking. This means they would have to put their current SQUID holdings as collateral in hopes of earning passive income.
However, those interested in participating in the games should exercise caution, according to experts.
CoinMarketCap, a price-tracking website for crypto assets, recently issued a warning where it said that multiple reports claim they were unable to sell the Squid Game-inspired cryptocurrency on Pancakeswap, a decentralized exchange platform.
"We have received multiple reports that the users are not able to sell this token in Pancakeswap. Please exercise caution while trading!" the warning read.