After a mind-blowing price increase, Squid Game’s (SQUID) token plunged more than 99% shortly after Twitter flagged its “official” accounts on the social media platform as suspicious.
According to data from CoinMarketCap (CMC), the SQUID token experienced its first downward movement on Monday, erasing all your winnings up to $ 2,861 and dropping below $ 1 in a matter of minutes.
At the time of writing this article, SQUID is trading at $ 0.0054, down 99% in the last 24 hours with a read volume of $ 13 million.
According to CMC, the SQUID token has a “self-reported” market capitalization of $ 2.8 million at press time. “The CMC team has not verified the market capitalization of the project,” reads the CMC warning. The fully diluted market capitalization of the token is $ 5 million, down 99%.
The drop comes shortly after Twitter flagged accounts allegedly associated with the SQUID token as suspicious, including the bill original, which has more than 70,000 subscribers. After this account was restricted, Squid Game token developers tried to run other accounts, which were also subsequently closed.
As previously reported by Cointelegraph, The cryptocurrency community has been suspecting that the SQUID token is a scam from the start due to its seemingly fake founders and blocked comments on Twitter.. On Friday, the CoinGecko co-founder, Bobby Ong, said the token is “most likely a scam”, noting that the company did not include it on its platform because it did not meet its requirements. At the time, the token was trading around $ 5.
Multiple warnings in the crypto community did not prevent a staggering rally for the token, and its price posted astronomical gains, it hit $ 90 as of Monday and then surpassed $ 2,000 in several minutes.
Major world publications such as CNBC emphasized that the SQUID token was implementing “anti-dumping technology”, which prevented the holders from selling the token, without pointing out that the project could be a scam.
Squid Game token developers did not respond to Cointelegraph requests for comment. PancakeSwap, a decentralized exchange and the only marketplace to trade the token, did not respond to Cointelegraph after a press inquiry on Friday.
A lot of my normie friends bought this $ SQUID game token and couldn’t sell i (“anti-dump feature”)
Now look what happened pic.twitter.com/wq5egYBKFa
– Friend of Peach (@WaymanCap) November 1, 2021
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