The 'Ojingeo Game' Craze Sparks Cryptocurrency Emergence... Surges 2400% in One Day

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Following the global craze for Netflix's popular Korean drama "Squid Game," a cryptocurrency called "Squid Game Coin" has emerged. However, since no relationship with Netflix or the drama's production team has been confirmed, there are concerns that this cryptocurrency might be a scam capitalizing on the drama's popularity.

According to the U.S. financial news outlet CNBC on the 28th (local time), Squid Game Coin, which was first launched in the cryptocurrency market on the 26th and traded at around 9 cents (approximately 105 KRW) per coin until the afternoon of the previous day, surged to $2.22 (about 2,600 KRW) per coin as of the 28th.

The price jumped nearly 2,400% in just 24 hours.

The current market capitalization of Squid Game Coin has reached $174 million (approximately 200 billion KRW).

The developer introduced Squid Game Coin as a dedicated coin that can be used as an entry fee for the online tournament version of the drama called the "Squid Game Project."

They plan to hold an online competition next month, where the final winner of six games?such as "Mugunghwa Flower Has Bloomed" and "Dalgona," featured in the drama?will receive 90% of the total entry fees as prize money.

There is no limit on the number of participants, so the prize grows as more people join, but the entry fee is quite substantial.

CNBC reported that the total entry fee for the Squid Game Project is 15,000 Squid Game Coins per person, which, based on the current price, amounts to $33,450 (approximately 39 million KRW).

In the cryptocurrency industry, the "Play to Earn" (P2E) model, which emphasizes earning money while playing games, has recently gained significant attention.

However, CNBC pointed out that Squid Game Coin appeared amid a surge in scams and malware crimes exploiting the popularity of Squid Game and similar content.

According to the whitepaper released by the coin issuer, they only stated that they were "inspired" by the Squid Game drama and did not mention any relationship with the copyright holder Netflix or the drama's production company.

The whitepaper also explains that 10% of the total entry fees, excluding the 90% prize money for the winner, will go to the producers.

The official website of the coin uses videos and logos from the Squid Game drama but does not provide any explanation regarding its relationship with Netflix.

Recently, in the cryptocurrency industry, coins inspired by popular memes (elements trending on the internet) have become hits, leading to a competitive release of coins based on various famous elements.

For example, on the 27th, a cryptocurrency called "Army Coin," reminiscent of the BTS fan club "ARMY," was issued on a cryptocurrency exchange based in Singapore.

In response, BTS's agency HYBE stated that Army Coin has no connection with BTS and announced that they would take legal action after confirming violations such as portrait rights infringement.

This content was produced with the assistance of AI translation services.