Twitter flags the Squid Game(SQUID) tokens’ official’ pages, including the original account, as suspicious. Shortly after Twitter flagged the accounts, the token’s price plummeted over 99%.
The Restriction of The SQUID Token Accounts
Twitter flagged down the original Squid Game token account, which has over 50,000 followers, as suspicious. Consequently, the SQUID token developers attempted to run other accounts which were all closed.
This account restriction by Twitter resulted in the token’s price going down by 99% over the past 24 hours. The token that once traded at $2,861 plummeted down to below $1 within minutes. The token is currently trading at $0.0054.
The flagging of these accounts is due to concerns by the crypto community. Many believe the SQUID token to be a scam. Some of the telltale signs are the accounts blocking comments on Twitter and also its fake founders.
While speaking on choosing not to list the token on CoinGecko, its co-founder Bobby Ong shared that the crypto is “most likely a scam.” On Friday, Bobby shared that the token failed to meet the platform’s listing requirements. At the time, the token was trading at $5.
The only exchange trading the token is PancakeSwap. Anyone can create and distribute any new cryptocurrency on this Indie platform. The easy-to-use platform is highly susceptible to scams. Additionally, the platform does not guarantee any legitimacy of your transactions.
These scam concerns and multiple warnings are the only things that stopped the token’s astronomical rise in value. The token was trading at $90 on Monday. Within several minutes, the token’s value had skyrocketed to over $2,000.
The SQUID token has a trading volume of $13 million. The token’s current ‘self-reported market cap is $2.8 million. This figure is yet to be verified by CoinMarketCap.
The Token That Was Too Good To Be True
The SQUID token has made headlines for a couple of reasons. Firstly, the token ranked at number 2905 on the CoinMarketCap cryptocurrencies list. Another reason is that investors were unable to sell their tokens in less than a week after its rise of over 110,000%.
The hindrance in selling the tokens by investors was due to the implementation of ‘anti-dumping technology’ by the token developers.
The token is heavily inspired by the Netflix series “Squid Game.” Just in case you have not watched it, it is a show featuring 456 bankrupt contestants. These contestants have a face-off in deadly childish games to stand a chance of winning a large sum of money.
This token that is a little over a week old adopted some things from this Netflix series. Investors were required to pay around half a million dollars to be able to participate in any game.
Upon making the deposits, contestants were required to participate in several games. The winner of the games would get to walk away with a huge crypto prize. Some of the people who had invested half a million dollars began reporting that they could not collect their winnings.