In cryptocurrency search results, "SQUID" is not a single asset. Public information points to at least two entities with the same name but independent of each other: one is a scam token that briefly surged in 2021 due to the "Squid Game" concept and then flash-crashed; the other is a current cross-chain infrastructure project named Squid, with its native token QUID. The shared name does not prove any inheritance or authorization relationship between the two, and trading and risk assessment need to be handled separately.
2021 SQUID Scam Token: Crashed, Not Suitable for Trading Entry
Launched in October 2021, this token was advertised as a "play-to-earn" game token inspired by "Squid Game." Its price surged rapidly and then flash-crashed on November 1, 2021. Public records indicate its price dropped from a peak of approximately $2,861 to near zero. The developers subsequently absconded with approximately $3.3 million to $3.4 million, and the project's website and social media accounts disappeared.
Mechanistically, this project exhibited typical characteristics of a Ponzi scheme/pyramid scheme and was a rug pull: the contract was designed to restrict ordinary investors from selling, fund flows were obscured through mixer services, and the narrative of returns relied on new capital inflows rather than verifiable sustainable business. Public information does not indicate any official issuance or authorization relationship with Netflix, the producer of "Squid Game." CoinMarketCap issued a fraud warning, and CoinGecko co-founder Bobby Ong also refuted the project's claim of collaboration with CoinGecko. On-chain analysis firms like TRM Labs tracked its fund movements.
This token no longer has an active trading market and should not be treated as a currently tradable asset, nor should one seek purchase channels based on historical prices or old platform listings.
Current Squid (QUID): Cross-Chain Protocol Governance Token
Another namesake project is the Squid cross-chain infrastructure protocol, whose native token is QUID. Public information states that the protocol has been operating since 2023, aiming to enable the transfer of digital value across over 100 blockchains and more than 20,000 tokens; QUID is primarily used for protocol governance. The project claims to have processed over $6 billion in transaction volume and served over 1 million users. These metrics may vary with statistical methodologies and time and should be understood as disclosed by the project.
QUID's Token Generation Event took place on August 4, 2026. Public market snapshots show its price at approximately $0.06, with a circulating market cap of around $8 million to $9 million, and a fully diluted valuation of approximately $56 million to $61 million. The circulating supply is about 140 million to 144 million QUID, with a maximum supply of 1 billion QUID. According to these figures, the circulating supply accounts for approximately 14% of the maximum supply. Different market data sites may have varying statistics for price, market cap, and supply due to different timing and methodologies; the above serves only as an order of magnitude reference.
Where to Trade QUID: Subject to Current Market Listings
Currently, QUID is an EVM-compatible token on the Base network. Public market listings show available trading channels including CEXs and DEXs. Notable platforms to consider include Upbit, PancakeSwap V3 (Base), Bitget, and Kraken. Kraken participated in its token sale; in current market listings, Kraken is also listed as one of the tradable channels.
If using a CEX, you must first confirm whether your jurisdiction allows such trading services and complete the platform's required compliance procedures. If using a DEX, you need a Wallet that supports the Base network, select the QUID trading pair in a contract pool like PancakeSwap V3 (Base), and verify the contract address, liquidity, slippage, and transaction fees. Market snapshots show its 24-hour trading volume is approximately hundreds of thousands to several million dollars. Liquidity may be lower than mainstream assets, and large transactions may need to be executed in steps, paying attention to price impact.
How to Avoid Confusion Between Namesake Projects
- Check the symbol and contract: The 2021 scam token is usually referred to as SQUID, while the current project's native token is QUID.
- Check the chain and platform: Current public information for QUID primarily associates it with the Base network; the historical scam token no longer has effective trading channels.
- Check the timeline: The flash crash in November 2021 is a historical event and should not be confused with the QUID project from 2026 onwards.
- Check the source: When claims like "partnership with Netflix" or "collaboration with CoinGecko" are made, verify with official announcements and on-chain contracts; public information does not show evidence of official authorization.
For the general reader, the core distinction is: the 2021 SQUID was a crashed scam token, while the current Squid (QUID) is a running cross-chain protocol governance token. Any trading decision should first confirm which entity you are researching and verify real-time market data, contract addresses, and platform listing status.
The platform information mentioned in the article is subject to changes in exchange listings and delistings; please refer to official exchange announcements.
