Squid Game (SQUID) is trading at $7.59, up nearly 250 percent over the last 24 hours, and its market value is above $600 million. SQUID joins meme coins like Shiba Inu in posting significant price increases for no apparent reason. Many people want to know where to buy SQUID crypto and if it's a good buy.
The Korean-language TV show Squid Game, which debuted last month and quickly became the most popular show on Netflix, now has a crypto coin named after it.
What is Squid Game crypto?
SQUID is a “play-to-earn” crypto, which means that people purchase tokens to play in online tournaments where they can earn additional tokens. The pre-sale for the cryptocurrency started on Oct. 20 and it sold out in a second. SQUID token was introduced as the Squid Game project’s exclusive coin.
The online game, which debuts in November, mimics the six rounds of games played on the TV show, but there aren't any deadly consequences. There isn't a maximum payout or restriction on the number of players in the tournament.
Players will be required to pay a pre-determined amount in SQUID tokens. Some rounds need users to buy a custom-made NFT through their website. The tournament's final round will cost 15,000 tokens, or $33,450, and purchase an NFT. Each round’s entry fees are shared between the development team and the pooled winners’ amount in the ratio of 10:90, respectively.
The SQUID token might also be used for cryptocurrency staking to earn tokens. Investors can put up their holdings as collateral to generate passive income under the Squid Game platform’s offering Marbles Pools.
Where to buy Squid Game crypto
Unlike other major cryptocurrencies, the SQUID token can’t be bought directly with fiat money. To purchase a SQUID token, you have to buy one of the major cryptocurrencies, like Bitcoin. Then, you can transfer Bitcoin to the PancakeSwap exchange, which offers to swap the SQUID token.
Is Squid Game crypto a good buy?
Investors should be cautious before investing in SQUID crypto. A warning issued by CoinMarketCap claimed that there have been several instances of people not being able to sell the SQUID token on PancakeSwap. It hasn't been determined why some users aren't able to sell their tokens. However, the white paper of the crypto states that the creators have laid out an anti-dumping technology that restricts users from selling their tokens if certain requirements aren't satisfied.
On Oct. 26, the SQUID token was worth around $0.01. The current price is $7.88 for each token, which represents a 78,700 percent increase in just three days. All cryptocurrency investments are risky, but meme coins like Shiba Inu and SQUID are particularly volatile, and investors should be prepared to lose everything.
Cryptocurrency has grown in popularity. J.P. Morgan forecasts that in 2021, more institutional investors will choose Bitcoin over gold.