This article delves into the journey of SQUID, a meme token inspired by the Netflix series "Squid Game," tracing its rise and reform following a community-led rescue. It explores SQUID's technical architecture, decentralized governance, and role in the crypto space as a GameFi and meme token. The piece highlights the token's transformation post-crisis on Gate, illustrating market fluctuations and community resilience. Covering key applications, partnerships, and social sentiment, it provides insights into SQUID's roadmap, aimed at trust rebuilding and establishing legitimacy in the cryptocurrency sector.
SQUID's Positioning and Significance
In 2021, the creators launched SQUID (SQUID), aiming to capitalize on the popularity of the Netflix series "Squid Game".
As a meme token on the Binance Smart Chain (BSC), SQUID initially played a role in the speculative token market, promising a play-to-earn game inspired by the TV series.
As of 2025, SQUID has become a cautionary tale in the crypto industry, with a history of price manipulation and a subsequent community-led rescue attempt. The token now operates under a new contract, serving as an example of community resilience in the face of adversity.
Origin and Development History
Birth Background
SQUID was created in 2021, aiming to capitalize on the popularity of the Netflix series "Squid Game".
It was born during the height of meme token popularity, with the goal of providing a themed token and promised gaming experience related to the TV show.
SQUID's launch attracted attention from speculative investors and fans of the show.
Important Milestones
- 2021: Initial launch and rapid price increase, followed by a sudden collapse.
- 2025: Community-led rescue attempt, resulting in a new token contract.
- 2025: Relisting on Gate.com through the rescue scheme, converting original SQUID to new SQUID at a 1:1 ratio.
With support from the community, SQUID has undergone a transformation, focusing on rebuilding trust and establishing legitimate use cases.
How Does SQUID Work?
Decentralized Control
SQUID operates on a decentralized network of computers (nodes) across the globe, free from control by a single entity.
These nodes collaborate to validate transactions, ensuring system transparency and attack resistance, potentially giving users more autonomy and improving network resilience.
Blockchain Core
SQUID's blockchain is a public, immutable digital ledger that records every transaction.
Transactions are grouped into blocks and linked through cryptographic hashes, forming a secure chain.
Anyone can view the records, establishing trust without intermediaries.
Ensuring Fairness
SQUID likely adopts a Proof of Stake (PoS) consensus mechanism to validate transactions and prevent fraudulent activities like double-spending.
Participants maintain network security through staking, and may receive SQUID rewards for their contributions.
Secure Transactions
SQUID uses public-private key encryption to protect transactions:
- Private keys (like secret passwords) are used to sign transactions
- Public keys (like account numbers) are used to verify ownership
This mechanism ensures fund security, with transactions remaining pseudonymous.
Circulation Overview
As of November 23, 2025, SQUID's circulating supply is 800,000,000 tokens, with a total supply of 800,000,000.
Price Fluctuations
SQUID reached its all-time high of $0.251228 on November 19, 2021.
Its lowest price was $0.00000896, occurring on March 24, 2025.
These fluctuations reflect market sentiment, adoption trends, and external factors.
Click to view the current SQUID market price
On-Chain Metrics
- Daily Transaction Volume: $2,909.69 (indicating network activity)
- Active Addresses: 101,848 (reflecting user engagement)
SQUID Ecosystem Applications and Partnerships
Core Use Cases
SQUID's ecosystem supports various applications:
- GameFi: The token initially promised a play-to-earn game inspired by the popular Netflix series.
- Meme Token: SQUID functions as a meme coin on the Binance Smart Chain (BSC).
Strategic Collaborations
SQUID has undergone a community-led rescue effort, with Gate.com supporting the relaunch through a rescue scheme. This partnership provides a foundation for SQUID's ecosystem recovery and expansion.
Controversies and Challenges
SQUID faces the following challenges:
- Trust Issues: The token's initial collapse after a significant price surge has created skepticism in the crypto community.
- Regulatory Scrutiny: As a meme coin with a controversial history, SQUID may face increased regulatory attention.
- Market Perception: Overcoming the negative reputation from its past performance remains a significant hurdle.
These issues have sparked discussions within the community and market, driving efforts for SQUID's rehabilitation.
Fan Enthusiasm
SQUID's community has shown resilience, with 101,848 holders as of the latest data.
On X (formerly Twitter), posts and hashtags related to SQUID occasionally gain traction, particularly around news of its recovery efforts.
X sentiment towards SQUID is mixed:
- Supporters focus on the token's revival and potential for redemption.
- Critics remain cautious due to its controversial history and market volatility.
Recent trends show cautious optimism as the community-led rescue effort progresses.
Hot Topics
X users discuss SQUID's recovery process, new token contract, and future prospects, highlighting both the challenges of rebuilding trust and the potential for a successful comeback in the crypto space.
- Official Website: Visit SQUID's official website for features, use cases, and latest updates.
- White Paper: SQUID's new whitepaper details its technical architecture, goals, and vision post-revival.
- X Updates: On X, SQUID uses the handle @SquidCto, providing updates on the token's progress and community initiatives.
SQUID Future Roadmap
- Ecosystem Goal: Rebuild trust and establish a sustainable community-driven project.
- Long-term Vision: Position itself as a reformed and legitimate player in the meme coin and GameFi sectors.
How to Participate in SQUID?
- Purchase Channels: Buy SQUID on Gate.com
- Storage Solutions: Use Web3 wallets compatible with BSC tokens for secure storage
- Community Engagement: Follow official social media channels for updates and participation opportunities
- Ecosystem Building: Stay tuned for potential development opportunities as the project evolves
Summary
SQUID has redefined itself through a community-led rescue effort, aiming to provide transparency, community governance, and renewed purpose in the meme coin space. Its active community and clear recovery plan set it apart in the cryptocurrency domain. Despite facing trust rebuilding and market perception challenges, SQUID's revival spirit and roadmap position it as an interesting case study in crypto project rehabilitation. Whether you're new to crypto or an experienced player, SQUID's journey of redemption is worth watching.
FAQ
Is squid an octopus?
No, squid is not an octopus. While both are cephalopods, they are distinct creatures. Squid have 10 arms, while octopuses have 8. Squid also have a more elongated body shape compared to octopuses.
What is a squid in slang?
In slang, 'squid' often refers to a novice or inexperienced person, especially in sports or activities like motorcycling or surfing.
Is squid good for you to eat?
Yes, squid is nutritious and healthy. It's low in calories, high in protein, and rich in vitamins and minerals like vitamin B12, zinc, and selenium.
Is a squid a fish or a seafood?
A squid is not a fish, but it is considered seafood. Squids are marine cephalopods, related to octopuses and cuttlefish.
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
