Squid Game SQUID/USD, a token named after Netflix Inc’s NFLX hit Korean language show, has shot up over 1200% over 24 hours.
What Happened: SQUID traded 1246.9% higher over 24 hours at $2.34. The token rose 1193.05% and 1134.02% against Bitcoin BTC/USD and Ethereum ETH/USD, respectively, in the period.
The coin named after Squid Game was featured amongst the “Biggest Gainers” on CoinMarketCap.
The price-tracking website displayed a caution on the overview page of SQUID, which read, “We have received multiple reports that the users are not able to sell this token in Pancakeswap. Please exercise caution while trading!”
See Also: How To Buy Netflix (NFLX) Stock
Why It Matters: Squid Game has turned out to be a super-duper hit for Netflix and is expected to generate $900 million for the subscription video-on-demand company.
A whitepaper released by the project terms SQUID, a token of the play-to-earn platform dubbed “The Squid Game Project.”
“Compared to $38.5 million bonus for the last winner, we crypto Squid Game will not limit the maximum of the final bonus as well as the numbers of [participants],” as per the whitepaper.
In order to participate in the games — which are the same as in the original series like Red Light Green Light and Marbles — players must pay an entry fee in SQUID and associated non-fungible tokens.
The whitepaper revealed that 5 series of NFTs would be released with “different rarity and function.”
The game’s beta version for 500 players is slated for release next month, as per the released roadmap of the project.
In the whitepaper, the Squid Game Project noted that the more people join, the larger the reward pool will be. “More importantly, we do not provide deadly consequences Apparently!”
Price Action: On Thursday, Netflix shares closed nearly 1.7% higher at $674.05 in the regular session and gained almost 0.5% in the after-hours trading.
Read Next: Netflix's 'Squid Game' Prompts Axie Infinity Meme Contest On Twitter
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