The universe of meme coins is expanding, with an unlikely and controversial hero making a comeback, Squid Game or rather, Squid2.0. Emulating the infamous Squid Game crypto scam of 2021, it is under scrutiny, raising questions and eyebrows alike.
Revisiting the troubled past, Squid Game (SQUID) was a play-to-earn cryptocurrency, drawing inspiration from a popular South Korean Netflix series. After launching on decentralized exchanges in late 2021, it nosedived by over 99.99%, leaving holders incapacitated to sell their tokens. As a result, the developers made off with nearly $3.38 million!
Though rug pull scams are an all too familiar sight on DEX platforms such as PancakeSwap and Uniswap, the Squid coin stands out for its breathtaking returns for the scammers. It captured the retail interest in cryptocurrencies, peaking at a staggering $2.1 trillion market cap, more than double the total crypto market cap. This situation raises concerns about the theoretical nature of market cap figures. An illiquid asset with thin order books can see its evaluation fall from towering heights to zero in no time when holders can’t take profit.
And so, we encounter Squid2.0. As part of the new genre of 2.0 meme tokens, including Doge2.0, Shib2.0, and more, Squid2.0 promises to rectify past errors, offering a fresh and scam-free platform. However, it’s worth noting that these tokens are notorious for their initial rally, followed by a swift fall in price.
Despite the troubled past and uncertain future of such tokens, PEPE2.0 projects a brighter narrative. Boasting an over $35 million fully diluted market cap along with a locked liquidity pool of over $1.5 million, PEPE2.0 is bringing credibility to the table.
On the other hand, Squid Game 2.0 (SQUID2.0) doesn’t quite match up, with lower liquidity and a lower percentage of locked tokens. Its fully diluted market cap is about $25 million, priced at $0.0006. Although it holds a promising DEXTscore of 88/99, and totals up to 4,800 holders, the market displays a cautious optimism, given its predecessor’s shady past.
In conclusion, the meme coin market, with its surge of 2.0 tokens, is a whirlwind of volatility and uncertainties punctuated with winners and losers. Whether Squid2.0 can break away from its ill-famed ancestor’s reputation is a burning question among the crypto fraternity. Only time will discern the triumph of credibility over notoriety.
Source: Cryptonews
