After a sudden surge late last week and early Monday morning that saw its price surpass $ 2,800 despite several scam warnings, Squid Game Token (SQUID) has finally bowed out.
Twitter was responsible for nailing the last nail to the coffin by flagging the coin’s Twitter account which sent the token’s price plummeting below $0.01.
Twitter has flagged Squid Game’s “official” token accounts on the social media platform as suspect.
It only took minutes for SQUID to drop 99.99%
It is reported that Twitter first flagged and restricted the original Squid Game token, which has over 70K subscribers, after which the coins developers tried to run other accounts that were also closed by Twitter.
It only took a few minutes for SQUID’s price to drop from around $ 2,861 to under $ 1.
Multiple scam warnings before the crash
From the very onset of the Squid Game Token, the cryptocurrency community had been very suspicious with most seeing it as a scam. To start with the cryptocurrency has fake founders.
As the coin was on fire as it reached a new high on Friday, the CoinGecko co-founder said it was “very likely a scam” and noted that CoinGecko had not listed it because it did not meet the registration criteria. At the time, SQUID was trading at around $ 5.
Amazingly, despite the multiple scam signals, the coin continued to rise astronomically to hit $90 as of the start of Monday before skyrocketing to trade above $2,800 in a matter of minutes early Monday morning.
It was reported that the SQUID token used “anti-dumping technology” which prevented holders from selling the token and this was not considered a scam.
