The price of a new cryptocurrency inspired by the Netflix series “Squid Game” surges around 90,000% in just its first few days of trading.
Hit South Korean show Squid Game is officially Netflix’s biggest original series. The nine-part thriller has become a worldwide sensation since its launch and has inspired countless memes, Halloween costumes but now there’s one more reason to love the show— its own brand of cryptocurrency.
On Tuesday, the Squid coin was trading at $0.01235. By Friday, it was trading at $11.16 – a surge of 90,264%. Its (self-reported) market capitalisation was nearly $5 billion, which is insane. Squid is a “play-to-earn” cryptocurrency, meaning people can buy tokens to play in online games where they then earn more tokens. These can be exchanged for either money or other cryptocurrencies.
However, all this hype revolving around the new Squid Game cryptocurrency should be tempered with a clear warning. Numerous users complain that although they were able to buy SQUID, they are now unable to sell their new crypto on one of the well-known crypto exchanges. Meanwhile, other tech websites like Gizmodo describe SQUID as a clear scam and a fraud. Therefore it should be pointed out once again that the unofficial SQUID cryptocurrency is in no way affiliated with Netflix or the creators of the hit series. Prospective SQUID investors should hence embrace the possibility of entirely losing their capital.
Before jumping on this meme crypto, though, know that CoinMarketCap has issued a warning that multiple users have not been able to sell the token.
“We have received multiple reports that users are not able to sell this token in PancakeSwap,” the site wrote. “Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”
