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Warning: Squid Game cryptocurrency re-emerges amid Netflix hype

Warning-Squid-Game-cryptocurrency-re-emerges-amid-Netflix-hype

The cryptocurrency market often reflects broader cultural phenomena, and the recent resurgence in the trading volume of the Squid Game token (SQUID) is a prime example. 

Originally launched in late 2021, SQUID gained notoriety for its dramatic plunge and the subsequent scandal involving its developers. Despite its troubled past, the token is now witnessing a notable uptick in trading activity, prompting investors to take a closer look.

SQUID initially captured the market’s attention, only to plummet by over 99.99%, resulting in significant investor losses.

The downfall was attributed to a rug pull by anonymous developers who reportedly absconded with about $3.4 million, according to BscScan transaction records. This event marked one of the most significant scams in crypto history and left the SQUID token in a state of disarray.

Transaction records. Source: BscScan

Fast forward to the present, and SQUID is experiencing renewed interest from traders. This surge is intriguingly timed with the announcement of “Squid Game the Challenge“, a reality competition show inspired by the popular Netflix series. 

The show’s connection to the token’s theme has sparked renewed curiosity among traders and investors alike.

Is there still hope? 

The popularity of the Netflix series Squid Game led to the emergence of a fraudulent token, capitalizing on the trend. However, the token is now experiencing some trading activity on the network due to the emergence of Squid Game the Challenge, a new reality competition show inspired by the series. 

SQUID one month trading volume. Source: CoinMarketCap

As of the time of the writing, the current price of SQUID stands at $0.0109, accompanied by a 24-hour trading volume of $338,890, and the token has experienced a 0.6% decrease in its price in the last 24 hours. 

The circulating supply of SQUID is undisclosed, but the max supply is capped at 800.00m. While the highest point in the last month was $0.02576 on November 11, the lowest was $0.0106 on November 30, 2023.

Regarding historical performance, SQUID reached its all-time high (ATH) on Nov 18, 2021, at $0.2512. Conversely, its all-time low (ATL) was recorded on May 14, 2023, at $0.0041.

The revived SQUID Game Token’s page on the crypto analytics platform CoinMarketCap states that the project has migrated from an old contract address to a new one, “now ostensibly run by the community after the initial rugging allegations.” 

A statement on CoinMarketCap. 

Furthermore, CoinMarketCap warns investors that the contract creator can modify its smart contract (disable selling, change fees, mint or transfer tokens) and advises them to exercise caution before taking any action related to it and always do their own research.


Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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