Following a massive price surge, the Squid Game token plummeted over 99% shortly after Twitter flagged its “official” accounts on the social media platform as suspicious. According to data on CoinMarketCap, the SQUID token –based on the popular Netflix series Squid Game– experienced its first downward move on Monday, erasing its entire gains from as much as $2,861 and dropping below $1 in a matter of minutes.
SQUID is trading at $0.0054, down about 99% over the past 24 hours.
At the time of writing, Squid token is trading at $0.0054, down about 99% over the past 24 hours with a trading volume of $13 million. According to CMC, the SQUID token has a “self-reported” market capitalization of $2.8 million at the time of publication. “The CMC team has not verified the project’s market cap,” CMC’s warning reads. The token’s fully diluted market cap is $5 million, down over 99%. The drop came shortly after Twitter flagged accounts reportedly associated with the SQUID token as suspicious, including the original account with over 70,000 subscribers.
Squid token was suspected to be a scam.
The crypto community has been suspecting the SQUID token of being a scam from the very beginning due to its apparently fake founders and blocked comments on Twitter. On Friday, CoinGecko co-founder Bobby Ong said that the token is “most likely a scam,” noting that the firm did not list it because it didn’t meet their listing criteria. At the time, the token was trading around $5. Multiple warnings in the crypto community did not prevent the token from rallying to a staggering price. Its price saw astronomical gains, reaching $90 as of Monday and then hitting over $2,000 in several minutes.