The Squid Game Token fell 99% after a staggering price increase after Twitter dubbed its “official” accounts on the social media platform. According to CoinMarketCap, the SQUID token experienced its first downtrend on Monday. Deleted all gains from $2,861 and dropped below $1 in a matter of minutes.
SQUID is down 99% and trading at $0.0054 in the last 24 hours, with a trading volume of $13 million. According to CMC, SQUID Token has a market capitalization of $2.8 million. It is worth noting that Token’s fully diluted market capitalization is $5 million, which is less than 99%.
The decline soon followed after Twitter named accounts related to SQUID Token as suspicious, including the original version with more than 70,000 subscribers. After restricting this account, the developers of the Squid Game Token tried to launch other charges that were also closed.
As Cointelegraph noted, the crypto community suspects SQUID Token of fraud. The reason for this is fake founders and blocked comments on Twitter. On Friday, Bobby Ong, co-founder of CoinGecko, said the Token was allegedly fraudulent. The firm did not name it because it did not meet the criteria for their listing. At the time, the Token was trading for about $5.
Numerous warnings in the crypto-community did not prevent Token’s stunning action. Its price has seen astronomical gains. As of Monday, it had reached $90. In a few minutes, it exceeded $2,000.
CNBC mentioned that the SQUID token was completing anti-dumping automation that blocked owners from selling the Token. The project may likely be fraudulent. The developers of SQUID Token did not respond.
Suspects About SQUID
Amid the dramatic rise of SQUID, which was before the fall, due to the inability to sell tokens, some enthusiasts of the crypto community believe that the new coin is a fraudulent scheme. It is doubtful for Crypto Tyrion that the founders of the Squid Game token are not on LinkedIn, the leading professional network. The Squid Game token also blocks Twitter comments.
In addition, some observers point out that the Squid Game mark on white paper contains poor grammar and errors that are impossible to verify. Based on Scamadviser, the Squid Game Token website’s trust score is 45 out of 100.
The Netflix show inspired the idea for the Squid Game token. Players on the show risk their lives to play deadly games in the hope of a big payoff. The permit allows players to participate in six online games to win money.