The infamous Squid Game (SQUID) crypto scam of 2021 is now an homage in the form of Squid2.0. But is Squid2.0 also a scam?
To understand the original Squid Game crypto, we need to look back to the last crypto bull run. Squid Game (SQUID) claimed to be an opportunity to earn cryptocurrency inspired by a South Korean Netflix series of the same name. Launched on decentralized exchanges in late 2021, just before Bitcoin and Ethereum hit their all-time highs, it quickly crashed by over 99.99%. Unfortunately, holders were unable to sell their tokens, allowing developers to make off with an estimated $3.38m according to the BBC.
Rug pull scams are unfortunately common on DEX platforms like PancakeSwap and Uniswap, but Squid coin was one of the most successful. This was partly due to its high market cap, double the total crypto market cap, and the fact that it occurred at the height of retail interest in cryptocurrency.
The associated video clip of the scam is widely shared across crypto Twitter. However, the $SQUID token never recovered, and is now priced under a cent.
This led to the “2.0 meme coins” trend, with projects such as Doge2.0, Shib2.0, Babydoge2.0, TRX2.0 and more. Many of these tokens have crashed in price after an initial rally.
One of the more successful 2.0 tokens is PEPE2.0, which has a fully diluted market cap of over $35 million and a locked liquidity pool of over $1.5 million.
Squid Game 2.0 (SQUID2.0) has a lower liquidity than Pepe2.0 and a lower percentage of its tokens are locked, with UNCX Network. Its fully diluted market cap is just over $25 million, with a DEXTscore of 88/99 and 4,800 holders. There is a buy and sell tax of 1%.
So, is Squid2.0 also a scam? It’s hard to know for sure, but its success will depend on its liquidity, and the actions of the developers.
