The global success of Netflix ‘s Squid Game went beyond its captivating storyline. It quickly caused a frenzy in the crypto sector, giving rise to Squid Game-themed tokens. For a time, these tokens made headlines in both the crypto and entertainment worlds, but the hype was short-lived. Now, with the release of Squid Game Season 2, these tokens are seeing a resurgence. However, as history proves, profit-making in these markets comes with a risk. The Rise and Fall of the Original SQUID Token The SQUID token emerged when Squid Game became a global hit in 2021. This play-to-earn crypto asset promised quick profits to those who joined the hype early. At its peak, the token rose by over 75,000% but had no official link to Netflix or the show. Investors rushed in to lose everything when the creators executed a “rug pull,” vanishing with millions. The crash, followed by Twitter flagging the token’s official accounts as suspicious, left many investors with heavy losses, making it a cautionary tale in the crypto world. Binance Investigates: A Cautionary Tale for Crypto Enthusiasts After the SQUID token crash, Binance, a leading crypto exchange, investigated the crash. In 2023, Binance said the token was likely a scam, showing how some projects use pop culture to trick unsuspecting investors. The investigation revealed the shady side of crypto investments, where excitement and fraud often go hand in hand. In an interview, Mati Greenspan, founder of Quantum Economics, shared his concerns about the token. Greenspan noted that if Binance is looking into it for fraud, it is probably not a good investment. He also pointed out that the name “SQUID” was an unofficial copy of the popular show, showing the token’s creators lacked honesty. He advised users to research the project’s team and ensure the token is legitimate before investing in projects like SQUID. Season 2 Sparks New Interest: A Fresh Wave of Tokens As excitement for Squid Game Season 2 grows, the SQUID token and its various imitations have gained new attention in the market. The latest version of the SQUID token, built on the Ethereum blockchain, saw its value jump by 280% in just 24 hours. This increase happened earlier today. While this rise is exciting for some, it’s important to remember past lessons. The re-emergence of these tokens highlights the risks of jumping on the hype around meme coins. In an October interview, Mark Cuban, a billionaire investor and crypto supporter, expressed doubts about memecoins. He compared the memecoin market to a game of “musical chairs.” Cuban warned that all memecoins are like long-term rug pulls with no real-world value . His comments added to the skepticism surrounding the hype memecoins. The post Squid Game Tokens Make a Comeback Amid Season 2 Series Buzz appeared first on TheCoinrise.com .
