The Squidward competition meme typically stems from the intense rivalry between Squidward Tentacles and his wealthy, successful arch-nemesis, Squilliam Fancyson. Usually featuring frames from iconic episodes like 'Band Geeks,' the meme highlights the relatable frustration of trying to prove one's worth against a more successful peer. It captures the essence of social competition and the irony of Squidward's constant quest for elite status. Today, it is widely used to mock pretentiousness or to show the struggle of keeping up with high standards in a humorous, Spongebob-themed way.