One of the newer additions to the crypto market, Squid Game is a play-to-earn platform inspired by the hit Korean Netflix series of the same name. The Binance Smart Chain-based token was one of 2021’s most viral tokens, exploding in popularity and increasing in price by several thousand per cent in just a few days.
However, the token’s price plummeted to zero as quickly as it had risen, and Squid Game is now widely reported to have been a “rug pull” scam, whereby the developers ditched the project and made off with millions of dollars stolen from those who chose to trade SQUID. As a result, we strongly advise our readers against buying SQUID, and we’ve provided some links to help you avoid falling prey to crypto scams in the future.
Although we highly advise against buying SQUID, there are plenty of other altcoins and “meme” coins that often enjoy exponential price appreciation like SQUID. Most of these coins can be bought using a decentralised exchange (DEX), and we’ve outlined the process of doing so below.
Using a decentralised exchange, you can buy Gravitoken, a coin designed to go up in price forever, or buy Hamster, a token that gives holders BTC rewards, along with a whole host of other “hidden gem” projects.
Before you get to your chosen DEX, you’ll need to register with a centralised crypto exchange. We always recommend selecting a regulated and reputable platform and you can find some of the best in the table below. To create an account, you will have to fill in your personal details and complete the KYC process by providing a photo ID and proof of address.
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Depending on the DEX you opt for, you’ll need to buy either ETH or BNB tokens to make your swaps with. Go to the deposit page on your exchange, select your preferred payment method, and follow the onscreen instructions to fund your account. Next, go to the trading pair containing ETH or BNB and your deposited currency, and press “Buy”.
You’ll need a wallet compatible with Web 3.0, so head over to MetaMask or Trust Wallet and follow the instructions provided to create a wallet. Copy and paste your wallet address into the exchange’s “Withdraw” section, then send your ETH or BNB to your wallet.
Now you’re ready to head over to PancakeSwap or Uniswap. Click on “Connect Wallet” to get started, and give the DEX permission to interact with your wallet. Now you can browse the available tokens and select the coin you want to swap for.
Enter the amount you want to swap, remembering to leave a little behind to cover the transaction fee. Hit Swap, then Confirm Swap, and finally confirm it in your wallet. Enjoy your new tokens.
Squid Game is a play-to-earn platform on the Binance Smart Chain (BSC) based on the Netflix series Squid Game. The dystopian Korean drama featured people with crippling debts competing in deadly children’s games to win a huge cash prize. Although no one dies in the crypto spin-off, the games and structure are much the same.
The competition commences once 456 players have joined. Participants then compete in up to six rounds of games, starting with “Red Light, Green Light” and finishing with the “Squid Game”, just like in the series. Those who win each game are eligible to play the next game, with one overall winner receiving the contents of the rewards pool at the end.
SQUID is the project’s crypto token and is required to participate in the competition. The entry fee for the first game is 456 SQUID and the fee increases for each subsequent game, with the final winner taking home all the SQUID paid for entries (minus 10% which goes to the developers).
Experts believe that Squid Game was a “rug pull” scam, and so we advise against investing in the SQUID token. Industry leaders such as “CZ”, CEO of Binance, have offered advice to new investors to help them avoid future scams.
If you’re looking for more information, Coinbase, the American crypto exchange, has published a guide to avoiding scams, as have money experts Experian.
Different people may purchase SQUID with different intentions. Some may intend to buy it for a short amount of time while others want to invest for the long term. Both approaches are valid and it is simply a matter of preference which you choose. We must reiterate, though, that we do not recommend buying SQUID.
Some SQUID holders may wish to hold their tokens for the long term, in the hopes that their value will appreciate over time. The Netflix series was a big hit, and if the crypto game proves to be as popular and holds people’s interest, demand for the token may rise and make this a good strategy.
At the time of writing, there is no way to stake SQUID to earn passive income while holding it. However, this could become possible in the future if a SQUID farm is created on PancakeSwap.
If you do decide to buy SQUID, you may decide to transfer it to a private wallet for storage. Some holders prefer to do this to provide stronger ownership and security of their tokens.
You can use a free software wallet, like the ones mentioned earlier or any other software wallet that can be downloaded onto your computer or mobile device. These tend to be user-friendly and convenient for making transfers. Alternatively, you can use a hardware wallet such as Trezor, KeepKey, or Ledger to provide that extra bit of security. Just make sure to check that your chosen wallet supports SQUID before making a transfer.
The SQUID token has shown itself to be highly volatile when it comes to price. For this reason, it may also appeal to traders, who can take advantage of swift and dramatic price movements to make quick profits.
People who opt for this route are less likely to need or want their own hardware wallet for storage as they won’t be holding SQUID for very long. They will likely find it more convenient to keep their SQUID in the software wallet they already have connected to PancakeSwap for frequent trades.
SQUID has been widely reported as a scam, and as such we recommend that you do not purchase any Squid Game tokens. However, as mentioned above, there are numerous crypto projects that have enjoyed similarly impressive price action. Those interested in such volatility may want to buy Shiba Inu, and conversely, investors looking for a more stable, established cryptocurrency may want to buy Bitcoin or buy Ethereum.