According to CoinMarketCap, a new play-to-earn digital token, Squid Game, which is attempting to capitalize on the popularity of Netflix’s mega-hit Korean survival drama, has risen 62,833 percent since Tuesday to $7.54 Friday morning, with a 253.89 percent gain over the past 24 hours.
According to the white paper, the token will be used to pay for an online game that will be released in November.
CoinMarketCap has issued a warning, citing “multiple reports” of users being unable to sell the digital token on the decentralized cryptocurrency exchange Pancakeswap.
According to the white paper, the Squid Game token went on presale last week and was sold out in “a second.”
The crypto token’s currency code is SQUID, and its logo is based on the shapes on a mysterious card given to potential players in the hit series.
Unlike in the dark comedy, the online game is not limited to 456 indebted players; according to the white paper, “everyone here in the crypto world can participate.” The final prize has no upper limit, and it grows in value as more players participate. The online game has six levels, and the higher up players go, the more expensive the entry fee becomes. Developers will keep 10% of the entry fee, with the remaining 90% going toward the final bonus for the online game winner.
Joke cryptocurrencies are gaining popularity. Earlier this week, the market value of Shiba Inu coin surpassed that of Dogecoin, another meme coin.