There's now a 'Squid Game' cryptocurrency - and it's jumped more than 75,000% in under a week

• The Netflix hit "Squid Game" has inspired the squid cryptocurrency.
• Squid has surged more than 75,000% in less than a week.

The Netflix hit "Squid Game" has extended its reach into the cryptocurrency sphere with the squid token - and it's already up over 75,000% this week, according to $4.

"Squid Game" is a South Korean dystopian series about people competing for prize money in brutal survival games. $4 is a runaway success and has become a global cultural phenomenon.

Squid was trading around $0.012 on Tuesday, but it was at $9.19 on Friday - a surge of more than 75,000%. Its fully diluted market cap is now about $722 million.

Presales of squid started on October 20 and, according to its $4, "sold out in 1 second."

It's a "play-to-earn" cryptocurrency. Squid holders can play online games inspired by games in the show. Entry fees are charged in squid - 10% of which go to the developers, and the rest is invested back into the reward pool.

"The more people join, the larger reward pool will be," the white paper said. "More importantly, we do not provide deadly consequences apparently! Your experience will only reflect on the joy of winning rewards and sorrow of losing money when the game failed."

Squid joins $4 such as $4 in posting massive price rallies seemingly spurred by no particular reason.

Correction: An earlier version of this article said squid cryptocurrency had jumped 2,000%.