Scene from “Squid Game” by Netflix
Netflix‘s new Korean-language show “Squid Game” about a deadly tournament of adults playing children’s games in the hopes of winning a big cash prize is a worldwide sensation. Now, it has its very own brand of cryptocurrency that has launched with a huge price run-up.
SQUID is trading at $2.22, up nearly 2,400% over the last 24 hours, and its market capitalization is above $174 million.
However, those interested in taking part may want to exercise caution before jumping into trading squid. CoinMarketCap has issued a warning, saying that it’s received “multiple reports” that users are not able to sell this token on Pancakeswap, a popular decentralized exchange. It is unclear why some users are unable to sell their tokens, but the white paper describing the coin does lay out an anti-dumping technology that prevents people from selling their coins if certain conditions are not met.
CNBC reached out through contact information listed on the squid website to ask whether the developers were aware of the problem and working to fix it, and didn’t immediately hear back.
The coin, which started its presale Oct. 20 and apparently “sold out in 1 second,” according to its white paper, joins a list of other parody cryptocurrencies that have witnessed big run-ups for no particular reason, other than good publicity. The meme-inspired shiba inu coin, for example, has doubled in price in the