Squid Crypto rug pull was one of the biggest crypto scams that shook the internet.
According to WiredUK, the creators of the much-hyped online crypto game project made away with $3.36 million in investors’ money.
The Squid Game crypto project was supposedly a play-to-earn digital game based on the Netflix Hit Show with the same name.
After its launch on October 20, 2021, the project’s token (SQUID) sold out within seconds and went further to inflate by 45,000%. However, holders could not sell their coins – an indicator of a rug-pull crypto scam.
After the scam, the community that the so-called game developers abandoned was able to revive the project after Binance’s intervention.
Binance blocked the developers’ addresses, followed by the decentralization of the token, granting the project full community autonomy.
While holders can now trade SQUID crypto freely on various platforms, you can’t purchase the token directly on popular exchanges.
To buy SQUID crypto, you’ll have to swap $SQUID for a popular coin like BNB using a decentralized exchange such as PancakeSwap.
This article will explore the different platforms where you can buy SQUID crypto. We’ll also provide a step-by-step guide on how to buy SQUID crypto.
In addition, we’ll provide answers to some of the questions you might have about SQUID crypto.
Let’s get started.
Best Exchanges Where You Can Buy Squid Crypto
Below is a list of some of the platforms that allow the buy and selling of the SQUID token:
PancakeSwap (V2)
PancakeSwap is a DEX platform that allows users to swap BEP-20 tokens (in this case, SQUID tokens) with popular cryptocurrencies like ETH, BNB, etc.
To buy a SQUID token on PancakeSwap, you need to connect a crypto wallet to the platform.
Connecting a crypto wallet to PancakeSwap is easy.
Click the “Connect Wallet” tab at the top right corner of their homepage. Then, you’ll see a pop-up bar where you’ll have different options for your wallet to connect with.
We recommend using either Metamask or Trust Wallet. However, you can explore other options.
Here’s a detailed guide on how to connect your wallet to PancakeSwap.
If you don’t have a crypto wallet, you should open a Metamask or Trust Wallet account to start.
Helpful resources:
Ensure your wallet has enough crypto for the swap. For example, if you want to swap BNB for SQUID, you’ll need to have enough BNB for the exchange, including the transaction fees.
Then, follow the below steps:
Visit the PancakeSwap homepage
On the top left corner, hover on the “Trade” tab.
This tab will open a drop-down menu highlighting Swap, Limit, Liquidity, Perpetual, and Bridge. Click on the “Swap” button.
Choose the preferred swap pair
After you’ve clicked the “Swap” tab, the website will direct you to the “Swap” page. Here, you’ll choose the preferred pair you want to swap. In this guide, we’ll be pairing BNB and SQUID.
Enter the amount
You can either input the amount of SQUID you want or the number of BNB coins you want to convert to Squid tokens. Either way, the calculator will automatically calculate the amount of the other field.
The calculator will also give you a breakdown of the transaction details at the end.
Confirm the transaction details and click “Swap”
That’s all! The transaction process is complete. There will be a window pop-up that will notify you of a successful transaction.
Gate.io
Gate.io is one of the leading cryptocurrency exchange platforms in the world. We recommend this platform for its extensive selection of top digital assets and the unpopular options it offers.
BKEX
Another excellent alternative to PancakeSwap to buy SQUID is the BKEX exchange. Users can perform OTC trades in fiat currencies, including the Thai Baht (THB), USD, EUR, AUD, GBP, and RUB. You can also trade popular cryptocurrencies like USDT, BTC, ETH, LTC, and many others.
How to Buy Squid Crypto: Step-by-step Guide
Here’s a walkthrough to buying your first Squid crypto.
For this tutorial, you’ll need to have a Binance account and a crypto wallet (we recommend using MetaMask)
Step 1: Find an exchange and buy BNB.
This strategy requires you purchase BNB using a fiat currency, such as GBP or USD. The best platform for this is Binance.
If you don’t already have an account, we recommend you create a Binance account.
Creating a Binance account is easy, thanks to its intuitive and user-friendly dashboard. The registration procedure would only take 15 minutes, and then you have to submit a form of photo identification to prove your identity.
Once your Binance account is up and running, then buy some BNB. You won’t have any issues purchasing a coin on Binance. It’s pretty much straightforward.
Step 2: Transfer BNB to a crypto wallet
After purchasing BNB, the next step is to transfer it to a cryptocurrency wallet. A crypto wallet is like a bank account for your cryptocurrency. You use a wallet to store and spend crypto coins and tokens online.
We advise most novices to use MetaMask because it is the most straightforward wallet.
This method requires you to transfer the BNB to a crypto wallet’s unique address, which resembles an account number.
On the Binance platform, enter the wallet address as the destination address when transferring funds to your preferred crypto wallet. Your wallet address should be in your account’s profile or settings section.
Step 3: Go to PancakeSwap and connect your wallet
Visit PancakeSwap and select “connect wallet” from the menu on the home page. From the list of available options, pick your wallet. After that, you can use the funds in your wallet to exchange them for different cryptocurrencies on the exchange.
Step 4: Swap BNB for SQUID coins
Select BNB from the first drop-down menu on the trading screen. You will pay for the trade using this cryptocurrency. On the second drop-down menu, select SQUID.
Enter your desired spending amount and complete the trade. Then, you’re done!
The first time through the process can be a little weird, but you’ll get used to it. Investors use this method to obtain lesser altcoins because they are not listed on major centralized crypto exchanges.
Squid Token Price
As of this writing, SQUID is trading at $0.007695. This is a -7.17% price change in the last 24 hours.
The SQUID token has a market capitalization of $3,755,510. Twenty-four hours’ trade volume is $147,943. In addition, it has a self-reported circulating supply of 487,693,092.00 SQUID – not verified.
It’s ranked #3410 in terms of market dominance, according to CoinMarketCap.
Is SQUID a good investment?
Whether SQUID is a good investment or not is something you’ll have to decide for yourself. All we can do is provide the facts and dispel the coin’s myths.
First, you’ll have to consider that the coin was previously a scam. The creators of the project didn’t create the marketed play-to-earn game. It also doesn’t have a real-life utility. What’s keeping the project floating at the moment is the strong community the developers left behind.
If the community can develop a real-life utility for the project, Squid crypto might become an excellent investment in the future.
In the end, ensure you do your research about Squid Crypto before investing. Invest only money you can easily part ways with.
FAQs
Where Can I Buy Squid Crypto?
Check CoinMarketCap to see where you can buy Squid Crypto and which currencies.
For each cryptocurrency, CoinMarketCap provides a list of purchasing options (also known as market pairs).
Go to CoinMarketCap and search for Squid Game. Tap on the button labeled “Market” near the price chart.
Can I Buy Squid on Binance?
No. SQUID token is not listed on Binance.
If you want to buy Squid Crypto, you can follow the step-by-step guide discussed earlier in this post. It will show you how to buy Squid Grow by connecting your crypto wallet to a decentralized exchange (DEX) using your Binance account to buy the base currency.
Should I Buy Squid Game Token Now?
We don’t recommend SQUID coin as an investment option. The decision to buy a SQUID token depends on your risk tolerance and reason for purchase. Do your research, and don’t invest any money you can’t afford to lose.
What is SQUID Used for?
Initially, the project’s developer marketed Squid Crypto as a token for a new online game inspired by the Netflix series – which tells the story of a group of people forced to play deadly children’s games for money.
Conclusion
As promised, this guide has revealed the steps you can follow to buy a Squid Crypto. We’ve also answered some of the questions you might have related to the topic.
You only need a Binance account and crypto wallet to swap BNB for SQUID on PancakeSwap.
Remember, this article isn’t intended as an investment guide and shouldn’t be taken as one. Do your research on Squid Crypto before attempting to buy.
Disclaimer: All the information on this website is published for general information purposes only. They are not financial advice and do not represent the opinions of Coindictate to buy or sell any asset. Please do your own research before taking any action.
