The new kid in the group. If you are a tight knit, or relatively close group, and a new person joins, their nickname will immediately become, "Squid". The kid who was the Squid before will now be tremendously relieved, and get to move on with a real nickname that actually describes their personality.
Joe: Hey, guys, this is Robbie, he's new.
Fred, Bill, Rob: Hey, Squid.
Jeff: YES! I'm not the squid anymore!
Joe: Shut up, Tweaky.
Jeff: Tweaky? Aw, damnit.