Squid Game (SQUID) lost 99.99% of its value after the project’s official account was tagged by Twitter

After a staggering price increase, Squid Game (SQUID) fell more than 99% shortly after Twitter flagged “official” accounts as suspicious.

According to data from CoinMarketCap (CMC), SQUID saw phenomenal growth to $ 2,861 but then fell below $ 1 in minutes.

At the time of writing, SQUID is trading at $ 0.0041, down 99.99% in the last 24 hours with trading volumes in excess of $ 14 million.

SQUID price table | Source: CoinMarketCap

According to CMC, SQUID has a market capitalization of $ 2.8 million at press time. The CMC team did not check the market capitalization of the project. SQUID’s fully diluted market cap is $ 5 million, down more than 99%.

In addition, CoinMarketCap itself issued a banner about the risks of investing in SQUIDs:

“We have received many reports that users cannot sell SQUIDs in Pancakeswap. Please give your own judgment and be careful when trading! While this project is clearly inspired by the Netflix series of the same name, it is unlikely to be associated with the official IP. “

The decline came shortly after Twitter flagged SQUID-related accounts as suspicious, including the original account, which had more than 70,000 subscribers. After this account was restricted, the developers of Squid Game tried to keep other accounts which were later closed as well.

The project’s website is also unavailable at the time of writing.

Due to the apparently fake founders, the crypto community suspected from the beginning that Squid Game was a scam and blocked Twitter comments. On Friday (October 29), CoinGecko co-founder Bobby Ong said SQUID was “most likely a scam” and noted that the company was not listed because it did not meet its listing criteria. At the time, it was about $ 5.

Multiple warnings in the crypto community didn’t stop Squid Game amazing growth, the price skyrocketed, hitting $ 90 today (Nov 1st), then topping $ 2,000 in minutes.

Major global publications like CNBC emphasize that SQUID is introducing “anti-dumping technology” preventing owners from selling it, but does not say the project could be a scam.

Squid game developers remain ‘mute’ ahead of SQUID’s demise. PancakeSwap, a decentralized exchange (DEX) and sole trading platform, has not yet released any details about the incident.

“Many of my friends bought SQUIDs and couldn’t sell them (anti-dumping function). Now look what happened. “

It is worth noting that there are other tokens with SQUID tokens out there and some of them seem to be doing very well. Regardless of what happened to the Squid Game, this should be a serious sign and warning of euphoria and do your own research before investing.

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