Squid Grow price prediction: Red lights for meme token
Squid Grow is another token inspired by the Netflix show and has multiple warning signs
- What is Squid Grow?
- The token's utility
- The rug pull
- SQUIDGROW’s short Price history
- Squid Grow price prediction
The Netflix series Squid Game already has a poor reputation in the crypto industry after a rug pull scam in 2021. This hasn’t stopped the new Squid Grow cryptocurrency from launching in attempt to become a successful meme token.
Yet SQUIDGROW has many red flags, including an anonymous founder, centralised smart contract and being named a “potential scam” by Laser.Desk.
What is Squid Grow?
Named after the popular Netflix series, Squid Grow is a new cryptocurrency that is hoping to dominate the meme token market. Its aim is to become the safest meme coin on the BNB chain. Its website said: “We will continue to grow until we reach the top with marketing, utility and more!”
Squid Grow is looking to achieve these goals by prioritising four values, which are trust, community, transparency, and longevity.
Its whitepaper said: “In cryptocurrency market [sic] trust is paramount. That means full transparency not only in the community and development but also in security efforts.”
However, the founder of this meme project has decided to remain anonymous and go under the pseudonym Shibtoshi, a reference to Bitcoin’s founder. The project’s American marketing director has revealed his first name, Dane, and his background as a former NCAA athlete with seven years in the crypto industry. However, Currency.com has not been able to verify this outside of the Squid Grow website.
The token's utility
The Squid Grow token was designed to rocket in price and its utility was designed to keep holders on-board for the long-term. Its whitepaper continued: “While it is assumed to be a meme token, what set is [sic] apart is that the Squid Grow team comes up with a layer of practicality and usability beyond the simple existence of the token, adding a few relevant services, and thus creating a whole ecosystem.”
The current main utility for SQUIDGROW is its staking features. Users can lock in their tokens to earn a 50% annual percentage yield (APY), which is paid to the investor in the same token. There is also a liquidity pool offering a 500% APY when depositing the CAKE crypto, this is also paid in Squid Grow.
For every transaction made using the token, an 8% tax is charged. Unlike a reflection cryptocurrency that pays investors just for holding, the project has not revealed what these profits are used for.
The rug pull
The Netflix series has previously had indirect negative impacts on the cryptocurrency industry. An unofficial cryptocurrency under the ticker SQUID performed a rug pull where developers made roughly $3m from unsuspecting investors.
Squid Grow now has a psychological obstacle before it even started. But this is made worse as CoinMarketCap has a warning on its website on the entry for SQUIDGROW. It reads: “Smart contract of the following asset can be modified by the contract creator (for example: disable selling, change fees, mint new tokens, or transfer tokens). Please exercise caution before taking any action and DYOR [do your own research].”
This is especially important as Squid Grow claims to be a decentralised project, one that is run by its community rather than a centralised person. So what does this all mean for a Squid Grow coin price prediction? Let’s find out.
SQUIDGROW’s short Price history
SQUIDGROW only launched recently on 18 June 2022, according to PooCoin. After this, CoinMarketCap listed the token on 26 July with an opening value of $0.000000007865.
The exchange CoinTiger listed Squid Grow on 27 July and it was mentioned by Gate.io’s official twitter account the same day. By the 1 August, according to CoinMarketCap, it climbed to its provisional all-time high of $0.00000004922.
While it has fallen slightly since then, as of 3 August, SQUIDGROW was trading at $0.000000038, which was up 172% on the previous seven-day period. As that time it was ranked on the basis of its market cap as 2,835th out of the cryptocurrencies featured on CoinMarketCap.
Squid Grow price prediction
Due to the token’s short history, there are not many forecasters making a SQUIDGROW price prediction. But those brave enough to do it have offered an optimistic Squid Grow crypto price prediction.
The DigitalCoinPrice Squid Grow price prediction for 2022 suggested it may have averaged $0.00000005 this year. It was then forecast to have risen to $0.00000007 in 2025 and $0.00000017 in 2030.
PricePrediction similarly said it would have possibly reached a maximum price of $0.00000005 in 2022. Its Squid Grow price prediction for 2025 expected it to have surpassed $0.0000001. It was then thought to have come close to $0.000001 by the beginning of the next decade, according to the Squid Grow price prediction for 2030.
However, the cryptocurrency has already proved to have multiple red flags, so before listening to any SQUIDGROW coin price predictions, potential investors should make sure they carry out thorough due diligence first. This is especially important in light of the Netflix show’s troublesome history in the crypto industry.
Squid Grow is a newly-launched meme token that is hoping to become the fastest growing cryptocurrency on the BNB chain. Its current main attraction is its staking features.
As of 3 August 2022, there was a self-reported circulating supply of 610 trillion SQUIDGROW and a total supply of one quadrillion (1,000,000,000,000,000), according to CoinMarketCap.
Inspired by the Netflix series Squid Game, Squid Grow is a meme token that only launched in June 2022. The TV show has previously been unofficially used in the crypto industry to scam investors out of roughly $3m, so investors should be especially cautious before making a decision to invest and should never spend more money than they can afford to lose.
There are not many SQUIDGROW token price predictions. However, DigitalCoinPrice and PricePrediction are both optimistic about the cryptocurrency’s future.
Yet the token has many red flags, including an anonymous owner and centralised smart contract. Investors should carry out thorough research first and never purchase more than they can afford to lose.
It depends. Squid Grow’s centralised smart contract and anonymous founder could see investors reluctant to buy into its vision. This attitude may be fuelled further after recalling 2021’s rug pull scam from a similarly-named SQUID project. Investors should therefore proceed with caution and conduct their own thorough research before coming to any investment decision.