The newly released Cryptocurrency Squid Game It has risen more than 45,000% since its launch earlier this week. On Tuesday, the token was trading at around 1.2 cents and is now valued at more than $ 4.5, a growth of more than 45,000%.
The token is inspired by the hit Netflix show, which followed a group of cashless Koreans as they tried to win a deadly tournament based on children's games. The Squid token itself is a "play to win" currency.
The Squid Game show was an instant hit around the world, quickly becoming the most-watched series of all time. 11 million people tuned in to Squid Game on October 12.
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The Squid Game project sees people buying Squid tokens to participate in online games that will mimic the famous show, without the deadly consequences. The games give investors the opportunity to win more tokens that can be exchanged for others CRYPTOCURRENCY or fiat money.
According to the platform White paper, โThe more people join, the bigger the reward pool. 10% of the entry fee will be sent to the developers and the remaining 90% will be added to the reward pool for the last winner of the game. "
The online tournament will follow the show's storyline with six rounds of games. The company has said that โeveryone here in the cryptocurrency world can participate in the Squid Game with a SQUID or related token. NFT in our market ".
The initial round, called Red Light Green Light, will cost participants 456 Squid and the second tier will cost an entry fee of 1000 units of the digital asset.
Squid is not the first token to be created based on cultural trends. Memes from around the world like Dogecoin have proven to be successful in the world of cryptocurrencies.
