Squid Game Crypto: The Explosive Growth of Two Trends Colliding
When we first got wind of the new Squid Game crypto, it garnered a collective eye-roll. The hit Netflix show of the same name out of South Korea had been out for a little more than a month. It was still water cooler fodder (for folks that actually go into the office).
In many ways it felt like this was just a silly way to capitalize off the popularity of the show and crypto as a whole. Popular cryptos like Bitcoin and Ethereum had climbed back to new highs. And that tends to make greedy folks try to capitalize. Sort of like how Joe Exotic released his Tiger King crypto… But with this one, the timing was a little more opportune. However, that was one of the warning signals for us. Then this thing caught on fire. Probably even more than the actual show did. That’s why this token actually warrants a closer look now.
At last check, Squid Game crypto (SQUID) was up an astounding 92,400%. So surely there had to be more to this than just a bunch of opportunists cashing in… Right? The quick answer (to our surprise) is actually yes. This token will be used on a play-to-earn gaming platform inspired by the show.
Here’s what we’ve gleaned from a dive into this new crypto’s whitepaper.
Squid Game Crypto: How This Could Be Useful
As it stands, there is no online gaming platform just yet. There’s only a promise of one to come. But if and when the platform is up and running, Squid Game crypto will be used to participate in an online version of the titular TV show. However, instead of gathering players that are deep in debt to compete for a life-changing sum of money, anyone can join. That is, as long as they have some SQUID or related NFTs in the game’s marketplace.
In this online version, the number of players won’t be limited to 456 (like in the show). And the bonus chunk of change awarded to the last player standing won’t be limited to $38.5 million. Another upside is that losers won’t be killed (yay!).
There will be a total of six games. All players will have to start from the first one. And only the “survivors” can move on to the next round. Naturally, there will be a cost to enter each of the six rounds. Participation in the first round will cost 456 Squid Game crypto tokens. The next round, 1,000. And prices go up from there. So, at the current valuation of SQUID, you can see it could get extremely pricey to participate.
We also have to give credit to the marketing team behind this. It was able to drum up a whole lot of support in advance of its release. Presale of the Squid Game crypto sold out in just one second (at least according to the developers). But it’s worth mentioning that at that time, you could trade $500 worth of BNB for upwards of 800,000 SQUID. These days, that much money would only land you around 45 SQUID. But there’s something beyond the demand that’s of concern.
Plenty of Supply, but…
The total supply of Squid Game crypto is capped at 800 million. Of that, around 45% went onto the market during the presale. When it was officially listed on the decentralized exchange, PancakeSwap, that took care of another 40%. Another 5% was airdropped to those interested. The rest either went to administration and marketing efforts or was burned. That’s how 800 million can go so quickly.
But obviously, not everyone who picked up some SQUID has interest in playing the game. Opportunists that jumped in early amidst rising value probably planned on exiting their position by now. However, there appears to be a big liquidity problem. Plenty of people are trying to sell… But there just aren’t as many buyers.
Things have gotten so bad that the website CoinMarketCap posted a warning to potential investors:
We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.
When is easy to buy, but not so easy to sell, that’s certainly gonna push up prices. And that’s also likely why we’re seeing these crazy spikes in the token’s valuation. Because we doubt that too many folks are going to be willing to spend thousands of dollars for the chance to play a video game that doesn’t exist yet. Well, probably not, at least.
Nonetheless, we know some readers are still going to want to know how to buy the Squid Game crypto. And here’s how that goes…
How to Buy Squid Game Crypto
If you’ve ever been to the decentralized exchange PancakeSwap, you should already be familiar with the process. But if not, here’s how that goes.
The process starts with your wallet. You’re going to need Trust Wallet (via smartphone or tablet) or MetaMask (on desktop). First, you’ll need to add some Binance Coin (BNB) to your wallet. Keep in mind, the minimum purchase is $50 worth. Then you connect your wallet to PancakeSwap. From there, you simply exchange your BNB for however much SQUID you want.
Fair warning: Even though this process sounds pretty straightforward, it can be pretty glitchy. These wallets use third party platforms to transfer funds to your wallet. And they can be pretty unstable at times. It took us well over an hour to get MoonPay to work with our Trust Wallet last time we used it. So on top of the uncertainty of the Squid Game crypto’s future value, it can be a pretty annoying process to deal with. But hey, that’s crypto for you.
The Bottom Line on Squid Game Crypto
This seems like a great publicity stunt that could have turned into an interesting game. But it just got out of hand due to a lot of interest from speculators. And side note: the beta version is slated to be released some time in November. The Squid Game mobile app is scheduled to be released in December.
That being said, we didn’t anticipate Green Moon crypto to be anywhere as successful as it was. So it’s certainly possible that there will be additional upside potential in the coming weeks. But we’re going to have to sit this one out. And good luck to those already prepared to compete. To paraphrase Sang-Woo in episode nine, “You’ve already come too far to end this now.”
If you’ve figured out by now that Squid Game crypto isn’t for you, fret not, there are plenty of other cryptos in the sea. In fact, crypto expert Andy Snyder has pinpointed the next-generation cryptos he thinks are set to explode in value. If you’d like to learn more about those opportunities, we suggest signing up for his Manward Financial Digest e-letter. It’s packed with all sorts of investment opportunities. And all you have to do is enter your email in the box below to get started.
About Matthew Makowski
Matthew Makowski is a senior research analyst and writer at Investment U. He has been studying and writing about the markets for 20 years. Equally comfortable identifying value stocks as he is discounts in the crypto markets, Matthew began mining Bitcoin in 2011 and has since honed his focus on the cryptocurrency markets as a whole. He is a graduate of Rutgers University and lives in Colorado with his dogs Dorito and Pretzel.