The prominent P2E (play-to-earn) crypto, Squid, recently hit its peak and rock bottom on November 1st. The token dropped from 2861.80 dollars to 0.0007926 dollars in only five minutes, creating havoc.
The token’s developers have raked in around 3.38m dollars, leaving over 40,000 investors with nothing. Binance, the well-known exchange, has initiated an investigation about the case as many are calling Squid a worldwide scam.
Global Success Based on Netflix Top Show – Squid Game
No one could have guessed that a crypto released on October 9th would even cross the initial 0.01 dollar value. The coin was inspired by Squid Game, the famous Netflix drama that explores how 456 players play life or death games to win 45.6 billion won.
Reaching top charts in countries like the US, South Korea, and the UK, Squid Game quickly became a global hit. The show was watched in 140+ million households, taking Netflix’s subscriber count up by 4.4m.
The crypto market did not shy from leveraging its popularity and released a token based on it. In just 72 hours of Squid’s release, the coin rose to 4.42 dollars, showcasing a whopping 44,100%. growth
The Squid coin was initially released on the play-to-earn BSC game, heavily resembling the TV show. Players paid an entrance fee using Squid coin to win Squid after completing the games.
However, the coin soon crashed, attracting criticism from across the globe. Most of the community members were extremely upset since they lost hefty funds, and almost every news outlet claimed it to be a scam. It appeared that the coin would die once and for all.
A 400% Comeback Bringing the Community Back to Life
As the market would have it, Squid did not die and rose almost 400%. It went back to 0.3915 dollars, with many traders expecting it to surge even more.
Investors are hoping for resurrection, and even new investors are joining the trend. Several adamant investors have even formed a group, buying Squid in bulk.
“Squid isn’t over!” stated a Squid supporter’s group in an interview. When asked why they believed in Squid’s market return, they stated that this is the start for Squid. Many believe that autonomy will breathe new life into Squid.
“The recent rug pull has helped the Squid community become a de facto decentralized autonomous enterprise. It provided the power back to users, reducing the chances of other crashes,” stated a community member trading in Squid even after the crash.
“More press coverage means more attention to the coin, leading to a new surge in Squid’s value. That is why it gained value on November 3rd. Squid’s USP is its DAO status, which is practically an industrial experiment. Nobody can miss out on this,” said another supporter.
Unyielding Support as Squid Listings Continue
Squid, already listed on multiple exchanges, like LBank, one of the most popular exchanges, holding the biggest altcoins among global CEXs. Squid’s listing on LBank caused a major controversy, upsetting many users about the listing while others expected another surge in value.
An LBank representative talked about the situation in an interview. The representative stated that “LBank does not support frauds and would not tolerate it either. It is completely against LBank’s core values. However, the exchange also believes in users’ liberty to trade. It is inevitable that every autonomous community seeks value within the group. Only the market determines a project’s worth, and as for scammers, the exchange believes the law would serve them what they deserve.”
Other than LBank, Squid is also listed on CoinW, BKEX, PancakeSwap, AOFEX, Dinosaur Eggs, and Hoo. With their unyielding support, Squid also reflects their potential.
Squid’s Future Paving the Path for DAOs
It does not matter whether Squid is a scam or not anymore. What is truly important is what the market can learn from its roller-coaster ride. Whether it is Doge, Shiba, or Squid, what is truly surprising is how they can attract capital and attention within a short time.
Although Squid did not receive approval from Netflix to use the IP, they had the vision of how it could be the opportunity of a lifetime, only for it to be a flop.
Generating notoriety can only get a coin so far. Numerous companies have neglected how important shared culture and community can be. The true core of pop culture lies in replacing fun with the craze.
No one knows the future of Squid, and only time can tell its true worth. What is more interesting is how the experiment will work out and what meaning it holds for autonomous communities.
The coin has already received global recognition from investors, with many investors suggesting that a DAO might be the way for upcoming future projects.