Unbelievable! 'Squid Game' crypto rises to more than 1,00,000% in days

New Delhi: With the squid token, the Netflix smash "Squid Game" has expanded its reach into the cryptocurrency world, and it's already up more than 75,000 percent this week, according to CoinMarketCap.

"Squid Game" is a South Korean dystopian television series about people fighting in cruel survival contests for prize money. The hit show is a runaway success that has turned into a global cultural phenomenon.

Squid was trading at $0.012 on Tuesday, but it was trading at $9.19 on Friday, a 75,000 percent increase. The company's fully diluted market capitalization is presently around $722 million.

Squid preorders began on October 20 and "sold out in 1 second," according to the company's white paper.

It's a cryptocurrency that allows you to "play to earn." Squid owners can play online games based on the show's games. The entry cost is paid in squid, with 10% going to the developers and the rest going back into the prize pool.

"The more people join, the larger reward pool will be," the white paper said. "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."

Squid has joined meme coins like shiba inu in generating big price increases for no apparent cause.