Squid Game is at it again, but this time the meme coin will be managed by its own community.
After the scam that saw the developers disappear with $3 million, the token remains on the market but this time it wants to be decentralized.
The community tries to revive Squid Game
The Squid Game token is inspired by the Netflix series of the same name, which is a rating hit on the streaming platform.
In the wake of the series’ popularity, the token also gained the attention of fans and was quickly worth $2,800. However, while the community reported that it was impossible to exchange SQUID on Pancake once purchased, the developers disappeared into thin air. Binance (which owns the Binance Smart Chain on which PancakeSwap is based) was left with no choice but to block the addresses of the devs, and in the meantime, the price collapsed to $0.
This is where the community entered the scene and now wants to revive the destiny of Squid Game. Their dream is that SQUID will one day be able to compete with the two other meme coins par excellence: Dogecoin and Shiba Inu.
The hopes of those who still believe in Squid Game
According to Squid Game’s official website, all is not lost, and Squid has the potential to return to its record of $2,800. But to be realistic, they admit, the first target will be at $50 with a market cap of $40 billion. According to SQUID’s fans, this is possible – after all, Shiba Inu has already achieved this.
There will be no other rugpulls, because Binance intervened by blocking the wallets of the previous devs, thus managing to decentralize the coin.
The risk of “whales” remains, but the community wants to be ready for that too, and has contacted one of the biggest token holders, receiving assurances that he has no intention of selling.
The price of Squid Game (SQUID)
Squid is currently worth $0.12. At the time of writing this article, the token has lost 22%, in a black day for the entire crypto market.
After the scam, the token plummeted from $2,800 to $0.003. In recent days, it was struggling to get back on its feet, even reaching a value of 30 cents. Not bad for a meme coin that had just been scammed.
The peculiar thing about Squid Game (SQUID) is that it has managed to maintain fairly high trading volumes, even over $100 million.
The inherent risk of meme-coins
But all meme-coins, without a solid project behind them and concrete use cases, end up being prey to speculation, as well as whales. Squid Game is no exception.
However, the community is confident that this time there will be no lack of honesty:
“The token-holders and other members from the crypto space have committed to re-inventing this project from the ground up. Squid Game is no longer associated with the scam or heist token anymore. Our community is devoted to honesty and complete transparency as many of us were victims of scams within this industry before”.
The future will be bright:
“As long as Binance can guarantee the security and potentially list the token, $SQUID will be the next top billion-dollar token after $Doge & $Shib”.
The post Squid Game, the meme coin resurrects with the community appeared first on The Cryptonomist.
