NAIROBI (CoinChapter.com)— It’s not just contestants facing elimination in Squid Game. Squid Game Tokens (SQUID) have plunged by 83.16% within 24 hours of the Netflix debut of Squid Game Season 2, trading at $0.0001352 at the time of writing. Over the past seven days, the token has lost 79.24% of its value, leaving investors reeling and reigniting debates about the risks of entertainment-themed cryptocurrencies.
Squid Game tokens price chart. Source. CoinMarketCap
While the show’s latest season aimed to bring fresh intrigue, the fallout in the crypto space has been far from entertaining.
Rug Pull or Plot Twist? SQUID Holders Cry Foul
The Squid Game Tokens market collapse has reignited debates on the perils of entertainment-driven cryptocurrencies. Satomi, a vocal crypto commentator, sounded the alarm, warning that insiders allegedly control 40% of SQUID’s supply. She compared the situation to a scripted rug pull, urging potential buyers to “always scan a token before buying it.”
Young-Hee token revived after dev exit. Source: X
Another crypto enthusiast, Timothy shared his misadventure with a Squid Game-themed token. He described how developers dumped their holdings, sinking the token’s value and leaving retail investors stranded. “The dev sold,” he posted, likening the incident to a game where the odds were rigged from the start. Timothy has since taken matters into his own hands by creating a new token version and adding, “Feel free to check it out.”
This debacle highlights a recurring issue in crypto projects tied to pop culture. Hype can spark short-term market interest, but these projects often end in disaster without transparency and solid fundamentals.
Season 2’s Criticism Mirrors SQUID’s Market Slump
Squid Game Season 2 debuted with Lee Jung-jae reprising his role as Seong Gi-hun. While his performance drew praise, critics pointed out repetitive plot twists and familiar character arcs. Efforts to expand the narrative outside the arena introduced new villains and storylines but struggled to distance themselves from the first season.
SQUID token holders mirrored the show’s reception, with many exiting as speculative enthusiasm faded. The token’s market activity declined, reflecting reduced interest following the Season 2 release.
The Squid Game Token crash exposes the dangers of entertainment-linked cryptocurrencies. Insider control and lack of transparency leave retail investors vulnerable to losses. Satomi’s warning about insiders holding 40% of the token supply highlights the risks.
As Squid Game Season 2 struggles to impress, the token’s collapse serves as a harsh reminder: speculative crypto tied to pop culture often ends in losses for unsuspecting buyers.