Asian Tech Press (OCT 29) -- Netflix's hit South Korean drama 'Squid Game' has a cryptocurrency named after the brand.

On Thursday, the cryptocurrency called SQUID traded at $2.22, up nearly 2,300 percent in the past 24 hours, and its market cap exceeded $174 million.

The SQUID coin went up for pre-sale on Oct. 20 and was reportedly sold out within one second, which was launched as an exclusive coin for the Squid Game project, a crypto platform for making money from games.

The online tournament, which launched in November, mimics the six rounds of gameplay from Squid Game. Unlike the TV series, this virtual simulation will not limit the final prize cap or the number of participants.

However, players must pay SQUID to participate in each game, and some rounds require users to purchase custom NFTs. At current prices, these NFTs run into tens of thousands of dollars.

The Squid game project also offers a marble pool where holders can earn tokens by betting, i.e., using their cryptocurrency holdings as collateral to earn passive income.