Categories: Market

Twitter marks Squid Game Token accounts for dropping prices

After an astonishing rally, the Squid Game (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

At the time of writing, SQUID is trading at $ 0.0054, down 99% over the past 24 hours on a trading 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 did not check the market capitalization of the project,” the CMC warning said. The token’s fully diluted market cap is $ 5 million, down over 99%.

SQUID all-time price chart. Source: CoinMarketCap

The decline came shortly after Twitter flagged accounts reported suspicious using the SQUID token, including the original. account with over 70,000 subscribers. After this account was restricted, the Squid Game Token developers tried to run it account, was later also closed.

As previously reported by Cointelegraph, the crypto community suspected from the start that the SQUID token was a scam due to apparently fake founders and blocked comments on Twitter. On Friday, CoinGecko co-founder Bobby Ong said the token was “most likely a scam,” noting that the company didn’t list it because it didn’t meet its listing criteria. At the time, the token was trading at around $ 5.

Multiple warnings in the crypto community failed to stop the token’s incredible rally, with its price skyrocketing, hitting $ 90 on November 1st, then topping $ 2,000 for a few minutes.

Related: YouTube channels hacked and renamed to stream crypto scam

Major global publications like CNBC highlight that the SQUID token implements “anti-dumping technology” that prevents holders from selling tokens without indicating that the project may be a scam.

The Squid Game Token developers did not respond to Cointelegraph’s request for comment. Pancakeswap, a decentralized exchange and a single marketplace for trading tokens, did not respond to Cointelegraph after a press investigation on Friday.

https://twitter.com/WaymanCap/status/1455112472113950726?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.