A new cryptocurrency has made its appearance to challenge the supremacy of popular meme coins like Dogecoin and Shiba Inu. SQUID is a new token that was created to allow gamers to play the online version of the dystopian Korean-language show “Squid Game”, which is currently Netflix’s most popular show.
SQUID was up over 72,000% since it was launched last Tuesday to $8.94 per Squid Token as of late Friday. On Tuesday Squid was trading at a mere $0.01235.
Squid is known as an exclusively “play-to-earn” cryptocurrency, where gamers buy tokens to play in online games with the purpose to earn more tokens. The tokens can then be exchanged for other cryptocurrencies or fiat money.
The Squid online tournament will launch in November. It will mimic the same six rounds of games that are featured on the viral Netflix show, in which a group of people is forced to play deadly children’s games in the hopes of winning a big cash prize. To participate in each game, players will have to pay a preset price in squid tokens, which will get more expensive as they move up levels. Some rounds will also require that gamers purchase NFTs featuring characters from the show, such as the guards in the reddish-pink suits.
“Play-to-earn” games became extremely popular during the coronavirus pandemic with the development of the GameFi technology sector which combines entertainment with the tools for earning money.
Netflix added only 5.5 million subscribers in the first half of 2021, but in Q3 experienced a subscription boom. The Squid Game is considered to be the driving force behind the sudden influx of subscribers, as the biggest TV show Netflix has produced in its history. Squid is worth around $900m to Netflix and is ranking number one on its platform in 94 countries, with more than 142 million households viewing it in the last 4 weeks.