A new cryptocurrency based on the hit Netflix show, Squid Game, has increased more than 332% in 24 hours. According to its white paper, the crypto is a "play to earn platform inspired by the Korean hit series on Netflix about a deadly tournament of children's games."
Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
The jump in value has brought its market cap to nearly $750 million, beating out other known coins like Loopring, Digibyte, Nano and more.
The new Squid Game crypto involves a series of digital games just like the show. To participate, players must submit an entry fee for each round.
The first round is red light, green light and requires 456 SQUID. The following round, the dalgona candy, requires 1000 SQUID to play. The SQUID whitepaper says that they "used the most advanced tech to make the cut experience nearly the same as the real life but it will still be slightly easier than real life candy cutting, thus we reduce the time limits to 30 seconds."
The whitepaper adds that the winner of this round will receive a Dalgona Candy NFT that is required to play the following round of tug of war. This means players will likely have to attempt the first two rounds a number of times before they can join the following tug of war round.
Recommended for You
The game sounds like it will have a similar feel to something like the popular Fall Guys but will instead cost money to participate and will have huge rewards should you win.
The rounds continue on in the same order of the show with marbles, hopscotch and the final squid game. Each round requires more coins and NFTs to participate.
At the current price of SQUID, participating in even the first round will cost over $4,300. 10% of the entry fees are sent to the developers wallet and the rest is sent to a reward pool that the winner of the final game receives.
The whitepaper says that games will not have a limit on players or rewards. If just 10 people were to participate in each round the final reward pool would be roughly $2.6 million at SQUIDs current price of $9.50.
The whitepaper states that this version is inspired by the Netflix show but it is not clear if it is a direct affiliate of the series. It is also unclear how safe of an investment the coin is.
There have been multiple reports on Coinmarketcap.com that investors have been unable to sell the token after it has appreciated. The game itself has yet to launch but is planned for early November.