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Squid Game 2.0, launched on July 7, rose 9% in the past 24 hours on volume of more than $2 million, raising questions over whether it’s another scam or the next big thing.
It’s the rebranded version of the infamous play-to-earn crypto project inspired by the South Korean Netflix series Squid Game that rug-pulled investors in 2021.
Trading for less than a week now, Squid Game 2.0 (SQUID2) has taken centre stage among the most trending cryptocurrencies on DEXTools.
Squid Game 2.0 Price Movement in the Past Few Days
The token bagged a staggering 45% increase in price on July 11, with over $4.47 million in trading volume. However, SQUID2’s rapid rise to the limelight has sparked concerns among market participants.
Concerns about the project’s authenticity have mounted among investors as SQUID 2.0 has claimed the spotlight as the most trending crypto on DEXTools.
With a total market capitalization of $21.83 million and $785.70k in liquidity, SQUID2.0’s price changes hands at $0.0004781, with a 5.31% 24-hour price increase.
According to CoinMarketCap data, SQUID2.0’s trading volume has declined by 30% over the past 24 hours and currently stands at approximately $2.66 million.
Why The Crypto Community Worries About Squid Game 2.0’s Authenticity and Intentions
Revisiting Squid Game 2.0’s origin and its predecessor is crucial to fully understanding the coin’s significance and why crypto community members worry about its legitimacy.
A token dubbed Squid Game ($SQUID) emerged during the 2021 bull market. The crypto project rode the wave of popularity generated by Netflix’s original series, Squid Game.
SQUID started trading on October 20, 2021, after the release of the hit Netflix series in September of the same year. The project’s whitepaper showed the token sold out “within seconds.”
SQUID traded for a few cents in the first few days. Its price quickly skyrocketed over 50,000% to a little under $11. The project team claimed Elon Musk pumped the Squid Game token’s price even though they presented no evidence to back their claims.
Squid Game token claimed to reward investors with 7% interest for holding it. It also claimed to allow token holders to earn Ethereum from playing the Squid Game.
What Is Squid Game 2.0?
In July, another Squid Game meme token, tagged Squid Game 2.0, emerged. The project developers claimed SQUID2.0 is a product of lessons learned from the first SQUID.
According to the project’s description on CoinMarketCap, Squid Game 2.0 is a fully community-driven project. It plans to inject 100% of tokens into liquidity with a long-term token lock. SQUID2.0 touted itself as the real Squid Game since the first one got blacklisted and its contracts were renounced.
Squid Game 2.0 token’s objective is to re-do the bull run and correct the mistakes of the previous SQUID developers. However, similar second mimic tokens, such as Doge2.0, Shib2.0, Babydoge2.0, TRX2.0, and more, emerged and crashed in prices after a brief rally, except for Pepe 2.0. Pepe2.0 kicked off the meme trend following Pepe Coin’s footprint.
PEPE 2.0 recorded more success than other 2.0 tokens, with a fully diluted market cap of over $37 million. PEPE2.0 price has increased over 2697% since June 27, with a locked liquidity pool of over $1.5 million adding to its credibility.
Squid Game 2.0 seeks to surpass PEPE2.0 even though it is newer in the market than Pepe2.0. SQUID2.0 has lower liquidity than Pepe2.0, with only 57% (448.71 million) of locked tokens, according to the UNCX network.
As of the time of writing, Etherscan data shows SQUID2.0 has 5,773 holders, with 15,162 transfers.
Squid Game 2.0 Price Outlook in the Coming Days
While Squid Game 2.0’s future remains uncertain, the token’s progress over the past few days of its launch suggests strategic investors may enjoy significant returns.
Although the SQUID2.0 token is 14.42% lower than its all-time high of %0.0005523, recorded a few hours ago, its price has increased by over 27% from its all-time low, recorded on June 11.
But the trading volume suggests otherwise. SQUID2.0 trading volume has declined by 30% over the past 24 hours, indicating that investors might be losing interest in the project. The decline in trading volume could also suggest the bears are in control.
In addition, Etherscan data shows SQUID2.0 token holders have reduced by 0.38%, another possible indicator that investors are abandoning the project.
This observation potentially bodes badly for the SQUID2.0 token as it could further push down its price and probably discourage potential investors.
However, as of the time of writing, SQUID2.0 trades at $0.0004782, with a 24-hour price surge of 5.32%.
Squid Game 2.0 Projecting Price Losses Amid Strong Bullish Momentum
The chart above shows the red candlestick SQUID2.0 is forming despite its strong short and long-term bullish momentum. The Moving Average Convergence/Divergence (MACD) is below the signal line with a faded green bar on the histogram.
This depicts potential rallies and fluctuations for SQUID2.0 before the end of today. As such, it could touch $0.0005 or drop below $0.00049 before the day ends.
Also, the Relative Strength Index (RSI) is showing a neutral market position for the coin at 50.65 between the oversold (below 30) and overbought (above 70).
It’s pointing down, indicating its approach toward the oversold zone (below 30). If it succeeds, SQUID2.0 may experience a trend reversal, favoring the bear market in the coming days to weeks.
In contrast, the coin’s market price is still above its 50-Day and 200-Day Simple Moving Average (SMA), a short and long-term bullish market sentiment.
If traders consider the positive market sentiment on the SMA as a buying opportunity for SQUID2.0, the RSI could shoot up, facilitating more price growth for the coin in the long run.
Top Emerging Crypto Projects to Watch Out for in 2023
Squid Game 2.0 appears promising and could enrich investors should it sustain the bullish momentum. However, there are several other emerging crypto projects with the potential to add more value to investors’ portfolios.
yPredict is among these projects, as it enables investors to make guided decisions on what crypto assets to invest in. Let’s see more about yPredict.
What is yPredict?
The crypto project yPredict ($YPRED) houses state-of-art predictive models and data insights designed by tier-1 AI developers and quants. It equips market participants with an unbeatable edge in different industries, including finance and crypto.
The project offers real-time trading signals from cutting-edge predictive models by top AI experts. Also, it provides real-time sentiment analysis on all top cryptocurrencies and allows traders access to the most effective indicators for their favorite asset’s technical analysis.
This leading AI-powered Web3 market intelligence platform can detect the most promising chart patterns of coins on an investor’s watchlist. That would enable the investor to mitigate risks associated with price volatility while making the best trading moves.
A recent study by finance experts from the University of Florida’s Department of Finance found that AI language models can predict stock price movements using sentiment analysis.
This attribute of AI models has made them attractive as tools to predict crypto prices, allowing investors to make massive returns on investment. The project’s native cryptocurrency $YPRED, powers all activities on yPredict’s platform.
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