Squid Game Tokens (SQUID) Plunge by 83% as Netflix Debut of Season 2 Fails to Impress

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

Squid Game Tokens (SQUID) have taken a nosedive, plunging by 83.16% within 24 hours of the Netflix debut of Squid Game Season 2. At the time of writing, the token was trading at $0.0001352. Over the past seven days, the token has lost 79.24% of its value.

As the latest season of the show 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 collapse of Squid Game Tokens in the market has reignited debates on the perils of entertainment-driven cryptocurrencies. Prominent crypto commentator Satomi sounded the alarm, highlighting that insiders allegedly control 40% of SQUID’s supply. She likened the situation to a scripted rug pull, urging potential buyers to “always scan a token before buying it.”

Another crypto enthusiast, Timothy shared his misadventure with a Squid Game-themed token. He described how developers dumped their holdings, causing the token to sink in value and leaving retail investors stranded. “The dev sold,” he posted, comparing the incident to a game where the odds were rigged from the outset. Timothy has since taken matters into his own hands by creating a new version of the token, 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 opened with Lee Jung-jae returning to the screen 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.

Much like the show’s reception, SQUID token holders also showed little interest as many exited the show. The token’s market activity also declined, reflecting reduced interest following the Season 2 release.

The crash of Squid Game Token exposes the dangers of entertainment-linked cryptocurrencies. Insider control and lack of transparency leave retail investors vulnerable to losses, as Satomi’s warning about insiders holding 40% of the token supply demonstrates.

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.