While some crypto-currencies are created with the basic logic of offering technologies, others follow a trend or fashion. In the case of the latter, it’s only later that the creators, according to their vision, find a use for them. Squid Game Coin (SQUID) is one such crypto born of a trend. In this comprehensive guide, we’ll explore the history of Squid Game Coin, the evolution of its price and its functionalities. Would you like to make up your own mind about Squid Game Coin crypto? Thanks to our analysis, you’ll know Squid Coin price to USD, and whether it’s worth investing in the SQUID crypto in 2023.
Squid Game Coin is a crypto-currency born in the wake of the very popular eponymous series, Squid Game. Since it’s a crypto based exclusively on buzz, it ranks among the meme coins. A meme coin, such as Shiba Inu or Doge Coin, is based on a concept with no technical purpose. Such a crypto-currency simply imitates another crypto, is inspired by real facts or reproduces the image of a celebrity, a famous event or famous entertainment content (game, film, song, etc.). Of course, this does not prevent the crypto from subsequently being associated with a concrete utility. In the case of the Squid Game Coin crypto, the community is talking about the possible use of the SQUID token as an exchange token on online entertainment spaces. But for now, nothing has yet been done.
The SQUID crypto is deployed on Binance’s Blockchain, the Binance Smart Chain (BSC). While this choice by the creators of the Squid Game Coin facilitates a certain degree of openness and low transaction fees, it also offers some leeway for the execution of acts of market manipulation (rug pull, pump and dump, etc.). This is precisely what happened in the first few weeks of this crypto’s existence, before a certain stabilization. We’ll talk about this in the next section.
It’s also worth pointing out that, although the SQUID crypto is inspired by the Squid Game series, it has absolutely no affiliation with Netflix (broadcaster) or the production team.
When the series was released at the end of 2021, its popularity grew rapidly. After just a few months, Squid Game was so popular that even if you hadn’t watched a single episode, you were bound to have heard of it. Against this backdrop, could there have been a better opportunity to launch a meme coin inspired by the series? For the creators of the Squid Game Coin crypto, certainly not! In October 2021, less than a month after the release of the first episodes on Netflix, a crypto called Squid Game Coin (SQUID) was born. With the series’ huge following, this new token built on the BSC Blockchain soon welcomed investors.
On October 27, 2021, the SQUID crypto has an official identity. It is listed on Coinmarketcap.com, an official website is accessible, etc. At the beginning Squid Game Coin value was around $0.044. After 2 days, the crypto moves by almost 5,500%, recording over US$10 million in transactions per day. In just 4 days of existence, Squid Game Coin breaks records (+80,000%), then collapses. On November 1, 2021, the buzz token jumped from $89 to $2,861.8 in 3 hours, then suddenly collapsed… to $0.0007926. The original founders of Squid Game Coin manipulated the market. They then withdrew the funds, de-published the official website and removed all communication channels, without leaving a trace.
Following this misadventure, Binance reacted by deleting the creators’ addresses and opening international investigations. This was followed by a reorganization of the crypto-currency’s management team. Binance has now decentralized the SQUID crypto; the community is the sole decision-making body.
The South Korean series Squid Game, available on the video-on-demand app Netflix, has seen its fame grow exponentially between 2021 and 2022. It deals with a survival game. Guests are chosen according to the main criterion of their financial difficulties (ruin, debt, etc.). Each game, inspired by a children’s game, includes death traps. In the end, survivors of all the games can win over 38 million dollars. The series’ violent content hasn’t stopped it from being popular. The creators wanted to capitalize on this popularity, to build a community sharing a common passion.
On the face of it, this basic objective seems laudable. However, it would indeed have been so had the creation not concealed unethical ambitions. The rug pull executed by SQUID’s developers in the early days of the crypto currency’s existence considerably undermined its credibility. So, even if Binance’s intervention later brought the crypto back to fully decentralized operation, the token will undoubtedly take time to recover. Today, the usefulness that the newly-formed community seems to find in the token would induce a continuity of the Squid Game universe. The SQUID token will, a priori, be used to purchase games, derivative content or objects, make payments in games derived from the series, and so on. But to get there, a great deal of work remains to be done by the community.
The most important thing to remember about Squid Game Coin (SQUID) is its decentralized nature. Only the entire autonomous community is in a position to make decisions affecting the future of the crypto, its functionalities, rules and so on. All major decisions are then taken by vote. The most popular crypto-currencies such as Bitcoin (BTC), Shiba Inu (SHIB) and even Ethereum operate along similar lines.
Simply put, this is now a token with no team of creators to govern it. This token is entirely governed, and its operation organized, by the community of members who have invested in it. This community is now working to build a truly credible, reliable and secure SQUID crypto. The decentralized nature of this asset is certainly its main asset. The community directs and decides autonomously on the actions to be taken. No one can withdraw liquidity at will, nor manipulate the distribution of tokens at will.
To set up such an organization, the BSC blockchain certainly offers a wide range of tools. Nonetheless, for Squid Game Coin to last over time and succeed in establishing itself in the immense crypto universe, the community will need to work on a number of aspects:
In the meantime, the token’s technical maintenance is carried out by volunteer developers. Community members or simply fans of the series support them through donations in SQUID or Binance Coin (BNB).
What about Squid Game Coin staking? SQUID has been somewhat shunned by many crypto buying platforms. Whether marketplaces, exchanges or crypto brokers, many platforms simply chose not to offer SQUID for purchase or trading. Nevertheless, after Binance took charge of the situation, crypto gradually managed to climb back up from the meanders. Today, SQUID tokens are available on a number of decentralized exchanges (DEX) and marketplaces.
PancakeSwap (V2) is a decentralized exchange platform for converting BEP-20 tokens. These are tokens built on Binance’s BNB blockchain, just like Squid Game token. Pancake is undoubtedly the most popular DEX among those based on the Binance Blockchain. The exchange of Squid Game Coin is made easy thanks to the platform’s Auto-Market Maker functionality. This functionality is powered in particular by the liquidity made available by investors – liquidity providers.
At present, SQUID can be traded against BNB, Wrapped BNB (WBNB), Bitcoin Pegged Token (BTCB) and Tether (USDT). Here are the 7 steps to buying SQUID on Pancake Swap.
PancakeSwap fulfills the role of the flagship platform on which we recommend buying SQUID crypto. Its decentralized nature and the absolute control it gives you over your tokens are its main selling points.
Gate.io is one of the few centralized exchanges offering SQUID purchases. This fact comes as little surprise, however, as the platform is among those offering one of the largest catalogs of crypto-currencies. On Gate.io, you can purchase no fewer than 1,400 cryptos, accessible via over 2,500 exchange pairs. Unsurprisingly, in terms of daily exchange volume, this is one of the leading platforms. Gate.io also provides its users with tools for crypto trading.
You can buy Squid Game Coin on Gate.io by exchanging ETH or USDT for SQUID tokens.
Poloniex is a centralized crypto trading platform launched by Justin Sun, founder of the Tron crypto (TRX). Here you can access a multitude of crypto trading functions, including spot trading. Spot trading is the feature that allows you to buy SQUID. All you need to do is buy USDT, using the methods offered by CEX (centralized exchange). Then open a spot trading position on the SQUID / USDT pair.
Poloniex also includes features for margin trading, futures trading, limit orders and more.
Now: 79 Extreme Greed
Now: 79 Extreme Greed
Yesterday: 78 Extreme Greed
Last Week: 70 Greed
What about Squid Game Coin future? Will Squid Game Coin go up? This is undeniably a sensitive issue! Beyond a question of the year, should you simply invest in a crypto like Squid Game Coin, which has already gone downhill after a short-lived glory? We’d be tempted to say yes! Cryptos such as SQUID or LUNA, which have seen their prices plummet, can regain investor confidence. It will take time, and significant action on the part of the crypto community.
In the specific case of Squid Game Coin blockchain, Binance decentralized the operation of the crypto. Then, the community of SQUID token holders, and fans of the Netflix series Squid Game, set in motion a process of reorganization and redesign of the crypto. As a result, investing in Squid Game Coin has become realistic once again. But is it right to do so in 2023?
Squid Game Coin chart
Following Binance’s intervention, in response to the rug pull executed by the original developers of the SQUID crypto, the price initially stopped collapsing. In fact, it even began to rise again. From $0.0033 per token on November 2, 2021, the day after the infamous 01/11/2021, the crypto even rallied in the following days, reaching a high of $0.6385 on 07/11/2021. But investor and market confidence had already been considerably damaged. The token logically resumed a deep cycle of decline, seeing its price drop almost constantly from day to day.
This cycle is still ongoing (current Squid Game Coin stock price – December 2023: $0.010257). So, based on our Squid Game forecast, it’s now a good time to buy Squid Game! When an asset is at its lowest point, as long as it remains in the market, it can rise again. And in its status as a meme coin, SQUID is certainly one of those cryptos capable of going x100. Nevertheless, in view of the complex history of the token inspired by the Squid Game series, exercise a great deal of caution!
What this the prediction of Squid Game Coin? This crypto has made a stunning entry into the market, but in both positive and negative directions. Will Squid Game Coin recover? After a meteoric rise, it went through an impressive tumble in just a few hours. Since then (November 2021), it has yet to really recover. Nevertheless, the rapid involvement of Binance and the formation of a SQUID community have helped to make it a “normal” crypto again. Nevertheless, given the events that have taken place, there is no guarantee of a positive future.
Only fans of the series might decide to embark on the adventure of a SQUID investment without calculation. For the rest of us, the lack of information on how Squid Game Coin works, and on its governance mechanisms, makes any decision difficult. Even the most convinced long-term investors would certainly show hesitation.
To date, the available data clearly seem insufficient to make a firm decision. Are you a crypto-enthusiast who sees Squid Game Coin as an asset likely to return to the top? Then take the plunge with the utmost caution.
About the author
Word enthusiast, writer, and travel lover, Lucia has more than 8 years of experience in cryptocurrency writing in Italian, Spanish, English and Portuguese.
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