Squid, a cryptocurrency inspired by the Netflix hit show Squid Game, reached USD2.34 on Friday, after it was trading around 1 cent on Tuesday.
Its market capitalization, or total volume in the market, is USD184 million.
Squid is a “play-to-earn” cryptocurrency, meaning people buy tokens to play in online games where they can earn more tokens, which can then be exchanged for other cryptocurrencies or fiat money.
In this case, many buyers of the Squid cryptocurrency would be gamers looking to play in an online Squid Game, set to launch in November.
“The more people join, the larger reward pool will be,” according to the platform’s whitepaper, which notes that developers will take 10% of the entry fee while the remaining 90% will go to the winner.
“More importantly, we do not provide deadly consequences apparently!” the whitepaper adds.
Players will need to pay for each individual round, with a total of six rounds that get more expensive as they go along.
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