Twitter flags Squid Game token accounts as price crashes

The Squid Game token was rising regardless of several rip-off cautions and also covered over $2,800 prior to plunging to much less than a cent.

Twitter flags Squid Game token accounts as price crashes

Following a wonderful price rise, the Squid Game (SQUID) token plunged over 99% soon after Twitter flagged its “official” accounts on the social media sites system as questionable.

According to information on CoinMarketCap (CMC), the SQUID token experienced its initial down go onNov 1, removing its whole gains from as much as $2,861 and also going down listed below $1 in an issue of mins.

At the moment of composing, SQUID is trading at $0.0054, down concerning 99% over the previous 24 hrs with a trading quantity of $13 million.

According to CMC, the SQUID token has a “self-reported” market capitalization of $2.8 million at the time of magazine. “The CMC team has not verified the project’s market cap,” CMC’s caution reviews. The token’s fully-diluted market cap is $5 million, down over 99%.

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The decline comes soon after Twitter flagged accounts supposedly related to the SQUID token as questionable, consisting of the initial account with over 70,000 customers. After this account was limited, the Squid Game token programmers tried running various other accounts, which were likewise ultimately shut.

As formerly reported by CryptoPumpNews, the crypto neighborhood has actually been presuming the SQUID token of being a rip-off from the extremely starting as a result of its evidently phony creators and also obstructed discussTwitter On Friday, CoinGecko founder Bobby Ong stated that the token is “most likely a scam,” keeping in mind that the company did not provide it due to the fact that it really did not satisfy their listing requirements. At the moment, the token was trading around $5.

Multiple cautions in the crypto neighborhood did not protect against an astonishing rally of the token, with its price seeing astonishing gains, getting to $90 as ofNov 1 and after that striking over $2,000 in a number of mins.

Related: YouTube networks hacked and also rebranded for livestreaming crypto rip-offs

Major international magazines like CNBC stressed that the SQUID token was executing “anti-dumping technology,” which was protecting against owners from offering the token, without keeping in mind that the job can be a rip-off.

The Squid Game token’s programmers did not react to CryptoPumpNews’s ask for remark. Pancakeswap, a decentralized exchange and also the only market for trading the token, did not respond to CryptoPumpNews adhering to a press query on Friday.

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Alex Sanders/ author of the article

Expert in marketing and investment project management, financial analyst. Cryptocurrency trader, private consultant, as well as the author of a number of analytical articles on effective work in the cryptocurrency market.

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