Squid Game Tokens Inspired by Netflix Series Make Resurgence

Last updated:

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

Last updated:

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Squid Game tokens, inspired by the hit South Korean Netflix series, are making a comeback as the release of the second season captures global attention.

Inspired by the wildly popular series, these crypto tokens first gained attention in 2021 when the initial season created a global phenomenon. The hype around the Squid Game cryptocurrency came with serious consequences, leaving many investors burned.

In 2021, the SQUID token, a play-to-earn cryptocurrency, saw a surge in value as it capitalized on the show’s popularity. Despite having no official affiliation with Netflix or the series creators, the token’s value skyrocketed, reportedly increasing by over 75,000% at its peak.

SQUID Token’s Rise Was Short-Lived

While SQUID saw tremendous price spikes, its journey ended in a notorious rug pull, a type of cryptocurrency scam in which developers abandon a project and abscond with investors’ funds. SQUID’s value plummeted to nearly zero within minutes, leaving many investors with devastating losses.

Fast forward to 2023, and Binance, one of the largest cryptocurrency exchanges, announced it was investigating the SQUID token crash, as reported by Barrons.

The exchange shared the token is likely a scam, highlighting how opportunistic projects can exploit pop culture phenomena to lure unsuspecting investors. Despite this, the buzz surrounding Season Two has sparked interest in whether similar trends could re-emerge.

Squid Game Token Extremely Risky?

“Clearly, if Binance is investigating it for fraud, then it’s probably not a great investment,” Mati Greenspan, founder of Quantum Economics, told CryptoNews.

“Another clue is that the project’s name is clearly an unsanctioned ripoff of the popular Netflix show, a remarkable show of bad faith by the tokens creators. Investing in tokens can be extremely risky but sometimes quite lucrative if you know what to look for. Investors should research the projects team,” warns Greenspan.

$SQUID Tokens

A quick check for Squid tokens on Phantom wallet, revealed an abundance of SQUID token variations:

The most popular SQUID token, built on the Ethereum blockchain, is currently trading up 280% in 24 hours on Monday.

While jumping on board meme coin hype trains could be a potentially lucrative opportunity, investing in tokens like SQUID and its numerous copycats carries a lot of risk. Investors should be extremely careful and, of course, always DYOR.

You May Also Like