According to media reports, a cryptocurrency based on the hit Korean Netflix show 'Squid Game' has risen more than 60,000 percent in less than a week.
According to CoinMarketCap, SQUID was worth $ 0.01 cent on Tuesday and rose to $ 6.27 on Friday morning, an increase of 62.600 percent.
The popularity of 'Squid Game' has spread like wildfire since it aired on Netflix last month, USA Today reports.
The show features contestants playing deadly versions of children's games to win a big cash prize at the end.
The SQUID token follows the same rules as the show and players will go through six online games to win cash prizes without the deadly consequences.
"There is no longer a dystopian world in which a mysterious organization brings together people who are in debt and 'living on the edge,'" said the project's whitepaper.
"Everyone here in the crypto world can participate in the 'Game of Squid' with the SQUID token or related NFTs in our market," he added.
However, as the price continues to rise, so does the price to participate in the games.
Game 1 had an entry fee of $ 4.56 or 456 SQUID when the token was first launched, but it has risen to more than $ 1,500 on Friday morning.
The final cost of entry to the game is over $ 50,000, according to CoinMarketCap.
Meanwhile, CoinMarketCap has issued a warning that users are reporting that they cannot sell the token on PancakeSwap, a popular place where people exchange tokens.
"This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP," he said.
* Edited from an IANS report
