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There's Now a 'Squid Game' Cryptocurrency - And It's Jumped More Than 75,000% In Under a Week

SQUID has surged more than 75,000% in less than a week.

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This story originally appeared on Business Insider

Netflix hit "Squid Game" has extended its reach into the cryptocurrency sphere with the SQUID token - and it's already up well over 75,000% this week, according to CoinMarketCap.

Netflix via BI

"Squid Game" is a South Korean dystopian series about people competing for prize money in brutal survival games. The hit series is a runaway success and has become a global cultural phenomenon.

SQUID was trading around 1.2 cents on Tuesday, but it's now at $9.19 - a surge of more than 75,000%. Its fully diluted market cap is now approximately $722 million.

Pre-sales of SQUID started on Oct. 20 and, according to its white paper, "sold out in 1 second."

It's a "play-to-earn" cryptocurrency. SQUID holders can take part in online games inspired by games in the show. Entry fees are charged in SQUID - 10% of which go to the developers, and the rest is invested back into the reward pool.

"The more people join, the larger reward pool will be," according to the white paper. "More importantly, we do not provide deadly consequences apparently! Your experience will only reflect on the joy of winning rewards and sorrow of losing money when the game failed," it adds.

SQUID joins meme coins such as the shiba inu in posting massive price rallies seemingly spurred by no particular reason.

Correction: An earlier version of this article said SQUID cryptocurrency had jumped 2,000%.