Benzinga - The Squid 2.0 Coin has taken center stage as the most trending cryptocurrency on DEXTools. However, its rise to fame has sparked questions about whether it may be yet another scam in the world of meme coins.
What Happened: To fully comprehend the significance of Squid 2.0 Coin, it is essential to revisit the origins of its predecessor.
During the height of the 2021 crypto trading frenzy, a token named Squid Game emerged, riding on the wave of popularity generated by the Netflix original series of the same name.
SQUID began trading on October 20, 2021, following the release of the hit Netflix Series in September. The white paper indicated that it sold out "in seconds". It began trading for just a few cents but recently rose over 50,000% to highs of just under $11. The team claimed that Elon Musk has pumped Squid Game tokens, yet there was no evidence of this.
The token claimed to reward holders with 7% interest for holding the token and also earn Ethereum (CRYPTO: ETH) from playing the game.
Unfortunately, this hype soon turned sour as the Squid Game project revealed its true colors as a crypto scam. Initially marketed as a play-to-earn cryptocurrency inspired by the South Korean hit series, investors quickly discovered that they had fallen victim to a rug pull. The value of the token plummeted by over 99.99%, leaving investors unable to sell their holdings.
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Why It Matters: Now, as Squid 2.0 (SQUID2.0) takes the spotlight as the top trending cryptocurrency on DEXTools, concerns are mounting about its authenticity and intentions. With a fully diluted market capitalization of just over $21 million, the coin is currently priced at $0.000469, showing a moderate level of liquidity.
In the past 24 hours, it has experienced a staggering 45% surge in value and over $4.47 million in trading volume.
Benzinga's Note: As authorities grapple with the challenges posed by such scams, it is imperative for investors to approach trends cautiously and seek reliable sources of information before making any investment decisions in the highly volatile and unpredictable world of cryptocurrencies.
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