The sketchy Squid Game cryptocurrency soars by almost 90,000% in less than a week

The Korean Netflix hit series Squid Game apparently does not only earn the largest streaming service in the world lots of money. Even fans of the brutal show, in which adults compete in child games in order to pay off their debt, can now invest in a new cryptocurrency called SQUID. As reported by CNBC and Fortune, the Squid Game cryptocurrency has recently surged massively. At the time of writing this article, one SQUID is worth around US$10.9 according to CoinMarketCap.

This means that the price of the Squid Game cryptocurrency has increased by a whopping 395% over the last 24 hours, and it now has a market cap valued at a respectable US$865 million. At an insane 89,000%, the weekly price increase of SQUID was even higher. When the unofficial Squid Game cryptocurrency went on sale on October 20, all tokens were reportedly sold out within just a single second. This new digital currency is intended to be used for the fan game called Squid Game Project, which is scheduled to launch in November. Like in the Netflix series, players can pay to participate in a six-round competition, but they only lose SQUID and not their lives in the worst case.

However, all this hype revolving around the new Squid Game cryptocurrency should be tempered with a clear warning. Numerous users complain that although they were able to buy SQUID, they are now unable to sell their new crypto on one of the well-known crypto exchanges. Meanwhile, other tech websites like Gizmodo describe SQUID as a clear scam and a fraud. Therefore it should be pointed out once again that the unofficial SQUID cryptocurrency is in no way affiliated with Netflix or the creators of the hit series. Prospective SQUID investors should hence embrace the possibility of entirely losing their capital.

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Disclaimer: This article is for informational purposes only and does not include any kind of investment advice.