Squid 2.0 Coin, a memetoken inspired by Squid Game, has come back for its season 2 debut. The 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.
Let’s travel down memory lane to better understand the context. During the peak of crypto trading in 2021, a new token came to be.
The Squid Game token emerged during the hype and popularity of the Netflix original series Squid Game.
The token claimed to be a play-to-earn cryptocurrency based on the survival game show, where participants compete for huge prizes. However, the token turned out to be a survival game, where a rug pull duped investors.
Those who invested in the token could not sell their holdings, as the developers disabled the sell function and ran away with an estimated $3.38 million. The token crashed by over 99.99%, leaving many devastated.
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 misleading.
The rise of 2.0 meme coins
In the current landscape, Squid 2.0 Coin has emerged as part of the trend of 2.0 meme coins. These tokens seek to revive or improve the original meme coins that gained popularity during the bull run.
The success of the PEPE token has likely inspired the comeback of Squid tokens. PEPE2.0 has shown some initial success with a substantial market cap and locked liquidity.
However, most comeback memecoins fail to meet the success of their predecessors. Many of them have crashed in price after an initial rally or have been exposed as scams.
Squid 2.0 Coin: A scam or legit?
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 moderate liquidity.
However, it is crucial to note that Squid 2.0 Coin has a buy-and-sell tax of 1%. This means traders will experience immediate losses upon trading.
Who are the developers behind Squid 2.0 Coin, or what is their vision for the project? The coin has no website or a whitepaper, only a Telegram group with over 10,000 members.
The coin also has no connection to the original Squid Game token or the Netflix series, except for using their name and logo.
Therefore, investors should be extremely cautious and do their own research before investing in Squid 2.0 Coin or any other 2.0 meme coin. There is a high risk of losing money or falling victim to another scam.
