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Squid Game cryptocurrency ‘SQUID’ surges 25,000% in under a week

South Korean hit Netflix show Squid Game now has its own cryptocurrency. Gamers have created an online version of the programme, for which you need the Squid cryptocurrency to play.

On Tuesday, it was worth a modest 1 cent, but by Friday it had exploded in value, reaching $4.39.

But Squid has been criticised for not allowing investors to resell their tokens.

The dystopian series tells the story of a group of people forced to play deadly children’s games for money and has become a viral sensation.

Squid is what is known as a “play-to-earn” cryptocurrency, where people buy tokens to play in online games where they can earn more tokens. These can then be exchanged for other cryptocurrencies or fiat money.

In the case of Squid, many buyers will be gamers looking to play in the online game of the programme, which begins in November.

“The more people join, the larger reward pool will be (sic),” according to the issue document, which says developers will take 10% of the entry fee with the remaining 90% given to the winner.

But prospective buyers should beware with crypto price-tracking website CoinMarketCap issuing a warning that many users have been unable to resell their tokens on cryptocurrency exchanges.

Its market capitalisation, or total volume in the market, has reached $184 million.

It is unclear why this is happening, but the company says it is using “innovative” anti-dumping technology that limits people from selling their coins if there are not enough coins being bought in the market.