- Squid Game season 2 arrives in the crypto market.
- Traders investing in the asset are already making big gains.
- Squid 2.0 is already a top trending crypto on DEXTools.
Looks like the memetoken inspired by Squid Game has come back for its season 2 debut. The Squid 2.0 Coin has emerged as the top trending cryptocurrency on DEXTools, sparking debates about its legitimacy and whether it is another scam in the world of 2.0 meme coins.
Image Credit: DEXTools
To understand the context, let’s take a trip down memory lane. During the peak of crypto trading in 2021 a new token came to be. This was the Squid Game token which came out during the hype and popularity of the Netflix original series Squid Game.
The hype for the coin was just as infamous as the hype for the series. Unfortunately in a very short span, the infamous Squid Game crypto project revealed its true colors as a crypto scam project.
In detail, the initial Squid Game token claimed to be a play-to-earn cryptocurrency inspired by the popular South Korean Netflix series. Instead investors walked right into a rug pull. Those who invested in the token were unable to sell since their value crashed by over 99.99%.
The developers behind Squid made off with an estimated $3.38 million, leaving many devastated. The rise of rug pull scams is not uncommon in the decentralized exchange (DEX) space. The Squid scam stood out due to its timing, occurring during the peak of retail interest in cryptos. Its market cap reached over $2.1 trillion, surpassing the total crypto market cap, which later proved to be a misleading figure.
In the current landscape, Squid 2.0 has emerged as part of the trend of 2.0 meme tokens. The success of the PEPE token has likely brought Squid tokens comeback. Most comeback memecoins fail to meet the success of its predecessors. Although, Pepe2.0 has shown some initial success with a substantial market cap and locked liquidity.
So far, Squid Game 2.0 (SQUID2.0) has gotten attention due to its position as the top trending crypto on DEXTools. With a fully diluted market cap of just over $25 million and a large supply, it is priced at $0.0006 with a moderate level of liquidity. However, it is crucial to note that Squid 2.0 has a buy and sell tax of 1%. This means traders will experience immediate losses upon trading.
While Squid 2.0 has seen significant gains in the past 24 hours, it is essential for investors to approach it with caution. In particular, considering the history of the original Squid coin and the risks associated with meme tokens, it is certainly a risk. As the crypto market continues to evolve, it is crucial for investors to conduct thorough research and exercise caution when engaging with new and trending tokens.
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