Squid Game Cryptocurrency Surges 2400%... Dogecoin and Shiba Inu 'Fierce Battle'

[Asia Economy New York=Correspondent Baek Jong-min] A cryptocurrency leveraging the popularity of Squid Game has emerged, recording a staggering 2400% increase. Dogecoin, which had been overtaken by Shiba Inu, surged by 30%. Bitcoin recovered to the $60,000 range.

According to CNBC on the 28th (local time), a cryptocurrency called Squid Game Token, riding on the success of Squid Game, surged 2400% within the past 24 hours and is trading at $2.22.

According to the whitepaper and CoinMarketCap, Squid Game Token was sold on the 20th and trading began on the 26th. The token was trading at $0.09 just a day before but surged from early morning on the day.

The whitepaper states that Squid Game Token sold out within one second of the sale start. It introduces Squid Game Token as inspired by Squid Game and as the first game token on the Binance Smart Chain network.

CoinMarketCap reported that it received reports that Squid Game Token cannot be sold on the decentralized exchange PancakeSwap and urged investors to exercise caution.

CNBC explained that meme coins like Dogecoin and Shiba Inu surged without any particular reason, and the promotion of a coin using Squid Game was successful.

Dogecoin surged 26% that day, shaking off the pursuit of the copycat coin Shiba Inu. Dogecoin rose more than 30% at one point, surpassing 30 cents. Meanwhile, Shiba Inu fell 17%.

According to CoinGecko, Dogecoin's market capitalization ranking rose to 9th place, pushing Shiba Inu down to 10th.

Bitcoin rose 5.26%, trading at $61,805. Bitcoin had fallen to the $58,000 range the day before but recovered to the $60,000 range.