A Dystopian Twist: Squid Game Tokens Reappear with Season 2
After Netflix dropped Squid Game Season 2 on December 26, 2024, the crypto world saw a strange (and suspicious) phenomenon: a flood of new tokens linked to the hit Korean thriller. These tokens, inspired by the popular show, hit the market at lightning speed. But here’s the catch: while contestants on the show risk their lives for a chance at a life-changing jackpot, those investing in these Squid Game crypto tokens might not be so lucky.
If you’re thinking about diving into these tokens, you might want to hold off. Warning signs are flashing all over the place, with experts cautioning that many of these new “Squid Game” tokens are likely scams, or worse—rug pulls.
From Netflix to Crypto: The Token Rush
Squid Game needs no introduction. Netflix’s dystopian series about a deadly contest where financially desperate players battle for a massive cash prize has captivated audiences worldwide. Naturally, the excitement around Season 2’s release created a perfect storm for new crypto projects to latch onto the hype.
But as the show hit the streaming platform, the market saw a rush of tokens sporting the Squid Game name. If you’re thinking about jumping in, beware—the odds are not in your favor. Unlike the series, where players at least have a chance at winning big, those putting their money into these Squid Game tokens might find themselves getting played.
PeckShield Sounds the Alarm on Scam Tokens
On December 27, just one day after Season 2 dropped, blockchain security firm PeckShield issued a warning to crypto users about a wave of scam tokens tied to the series. These so-called “Squid Game” tokens were quickly circulating across various networks, and PeckShield was quick to sound the alarm.
One of the key red flags flagged by PeckShield was a token deployed on Base, a popular layer-2 blockchain. According to the firm, the deployer of the token was also its largest holder—a clear sign that the project was a setup for a potential rug pull. Since its launch, this token has already lost a staggering 99% of its value. Ouch.
And it doesn’t stop there. Scam tokens have also been appearing on the Solana network, riding the coattails of the Netflix buzz.
Social Media Shenanigans: Token Promoters on X (formerly Twitter)
As always, the crypto community has been abuzz on social media—particularly X (formerly Twitter)—with accounts popping up, promoting these Squid Game tokens. One account, in particular, claiming to be associated with the show, was actively promoting a token under the same name. But here’s the twist: eagle-eyed community members quickly warned others to steer clear.
The reason? The top token holders, according to the user, all “looked the same,” meaning the tokens were likely concentrated in just a few hands. This setup suggests that the creators could be planning to dump their tokens once enough unsuspecting buyers enter the market, leading to massive losses for the new investors. Classic rug pull behavior.
Déjà Vu: Squid Game Tokens in 2021
Believe it or not, this isn’t the first time Squid Game tokens have flooded the crypto market. Back in 2021, when Season 1 of the show took the world by storm, a “Squid Game” token emerged out of nowhere. In what looked like a classic crypto moonshot, the token’s price skyrocketed by over 45,000%. But here’s where it gets dicey: soon after the token’s dramatic rise, reports started rolling in that users couldn’t actually sell their tokens.
CoinMarketCap, a popular cryptocurrency data site, issued a warning, alerting users that they couldn’t sell the tokens on PancakeSwap, a decentralized exchange. This led many to believe it was a classic case of a rug pull—a scam where creators run off with investors’ money after inflating the token’s price.
How to Avoid Getting Caught in the Scam
So, how can you avoid getting caught in the hype? Simple: do your research. If a crypto project is riding the coattails of a popular trend—especially one that just launched or is tied to something like a Netflix series—be extra cautious. In many cases, these tokens are just created to attract attention and then crash once the hype dies down.
Here are a few key tips:
- Check the token’s holders: If a large portion of the tokens are concentrated in a few wallets, it’s a red flag. This suggests the creators could be setting up for a rug pull.
- Look for community warnings: Crypto communities on forums like Reddit or X are often the first to raise the alarm about scams. If something smells fishy, it probably is.
- Do your own research (DYOR): Always dig deeper than the flashy token names and promises. Look into the team behind the project, its whitepaper, and how transparent the whole thing is.
- Don’t fall for FOMO: Just because a token is tied to a popular show or meme doesn’t mean it’s worth your money. Be patient and avoid rushing into high-risk investments.
The Bottom Line: Stick to Safe Bets
As the crypto market continues to evolve, scams like these aren’t going anywhere. With Squid Game Season 2 now out, the crypto space is once again seeing a rise in tokens designed to cash in on the show’s massive popularity. While it might sound tempting to get in on the action, keep your guard up—especially when it comes to tokens that look too good to be true.
Remember: in the world of crypto, you don’t always get a happy ending. And just like the contestants in Squid Game, some people may end up with nothing but heartbreak. So, the next time you spot a “Squid Game” token, make sure you’re not the one getting played.
