Several new Squid Game-themed cryptocurrency tokens have emerged with the release of Squid Game Season 2 on Netflix. One token, Squid Game (squidgame.top) SQUID, has experienced massive gains, rallying over 6,700% in the past week. However, the token's history is questionable, as Squid Game tokens have been associated with previous scams and rug pulls. Binance investigated a previous SQUID token crash, labeling it a likely scam. While the new Squid Game token shows signs of a potential scam, its market capitalization of $5.57 million and transparency concerns raise credibility issues. Blockchain security firm PeckShield has flagged multiple Squid Game-themed tokens as fraudulent, and concerns have also emerged on the Solana network regarding potential manipulation. Despite the price surge, the lack of use cases and lingering red flags indicate significant risks with these tokens.



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