Unlike the TV series, the company behind Squid Game cryptocurrency says online tournaments are not dangerous for players.
Cryptocurrencies that emerge as a result of something popular, such as the Korean TV series that has become a global phenomenon, are very often very popular with early investors.
For example, if you only had a Squid Game token (SQUID) worth only $1 four days ago, you could exchange it for $3,000 this morning.
The price of SQUID coins was 1.2 cents, or 0.012 dollars, on October 27, and its value this morning(October 31) reached an incredible 35 dollars, which is a jump of almost 300,000%.
The great growth of this cryptocurrency started on October 28 and will continue on October 29 and 30. to reach $35, the value at which it is now sold.
On the other hand, SQUID is still not listed at any major exchange office, and many of them have stated that the SQUID token has not passed the verification process and that you need to be careful when investing, as there is a high probability that it is a fraud.
Such a large growth has not been noticed in the crypto world for a long time, so the craze for SQUID coins has become the number one topic overnight.
Play to Earn
Instead of the classic cryptocurrency digging system, Squid Game tokens can be bought or earned by playing online games in which you get tokens as a reward, which can then be exchanged at exchange offices for other cryptocurrencies or money.
The huge jump in the price of the SQUID token is most likely due to the fact that the start of the first online tournament is scheduled for November 1, which is tomorrow, so an additional jump is expected when earning money in the tournament.
To participate in the tournament, you need to invest SQUID tokens, so it is not surprising that due to high demand, the price of tokens jumped sharply.
The more people participate, the bigger the prize pool will be, according to the SQUID token manifesto, adding that 10% of the investment will be sent to the development team’s wallet, while 90% will be added to the prize pool for the tournament winner.
As in the series, there can be only one tournament winner, but, according to the company behind the SQUID cryptocurrency, unlike the series, other players will stay alive.
As in the series, the tournament starts with 456 participants, and five games from the series are played: red light – green light, needle shape cutting, tug of war, marbles, skipping boards, and Squid Game.
How to buy SQUID
The SQUID token can be purchased at decentralized cryptocurrencies such as SushiSwap or Pancakeswap, but before that, you need to buy another cryptocurrency at a large exchange to replace SQUID.
For example, go to Binance or CEX, buy Bitcoin, Ethereum, BNB, or some other coin in the value you want to buy SQUID tokens.
Create a new wallet on Trust Wallet or MetaMask, and then transfer the purchased cryptocurrencies to it.
After that, you need to connect that wallet with one of the above-mentioned exchange offices (SushiSwap or PancakeSwap) and exchange the cryptocurrencies you have there for Squid tokens.
Too good to be true?
Although the SQUID token grew tremendously in just a few days, a large number of users reported a problem with selling their tokens because they could not sell them and exchange them for other cryptocurrencies.
Several things point to the problem: the manifesto is full of grammatical errors, the team that develops this token is completely unknown in the crypto-community, and the official website says that Elon Musk supports this cryptocurrency, which turned out to be incorrect.
Pump and dump
The large rise in the price of these tokens may also be the result of new investments by initial investors who want to protect their investments and prevent the classic “pump and dump” tactics, very popular with new cryptocurrencies.
While we can’t tell you to buy a SQUID token or not to buy it, know that no one has ever gotten rich in the crypto world by playing it safe and that the riskiest cryptocurrencies always bring astronomical profits, but also the same losses.