{"id":360993,"date":"2021-11-01T15:01:04","date_gmt":"2021-11-01T12:01:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/twitter-flags-squid-game-token-accounts-as-price-crashes\/"},"modified":"2021-11-01T15:01:04","modified_gmt":"2021-11-01T12:01:04","slug":"twitter-flags-squid-game-token-accounts-as-price-crashes","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/twitter-flags-squid-game-token-accounts-as-price-crashes\/","title":{"rendered":"# Twitter flags Squid Game token accounts as price crashes"},"content":{"rendered":"

“# Twitter<\/a> flags Squid Game<\/a> token accounts as price crashes <\/strong>”<\/p>\n

Following a mind-blowing price surge, the Squid Game (SQUID) token plummeted over 99% shortly after Twitter flagged its \u201cofficial\u201d accounts on the social media platform as suspicious.<\/p>\n

According to data<\/a> on CoinMarketCap (CMC), the SQUID token 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.<\/p>\n

At the time of writing, SQUID is trading at $0.0054, down about 99% over the past 24 hours with a trading volume of $13 million.<\/p>\n

According to CMC, the SQUID token has a \u201cself-reported\u201d market capitalization of $2.8 million at the time of publication. \u201cThe CMC team has not verified the project\u2019s market cap,\u201d CMC\u2019s warning reads. The token\u2019s fully diluted market cap is $5 million, down over 99%.<\/p>\n

SQUID all-time price chart. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n

The drop comes shortly after Twitter flagged accounts reportedly associated with the SQUID token as suspicious, including the original account<\/a>, which has\u00a0over 70,000 subscribers. After this account was restricted, the Squid Game token developers attempted running other accounts<\/a>, which were also subsequently closed.<\/p>\n

As previously reported by Cointelegraph, the crypto community has been suspecting the SQUID token of being a scam from the very beginning due to its app<\/a>arently fake founders and blocked comments on Twitter. On Friday, CoinGecko co-founder Bobby Ong said that the token is \u201cmost likely a scam,\u201d noting that the firm did not list it because it didn\u2019t meet their listing criteria. At the time, the token was trading around $5.<\/p>\n

Multiple warnings in the crypto community did not prevent a staggering rally of the token, with its price seeing astronomical gains, reaching $90 as of Monday, and then hitting over $2,000 in several minutes.<\/p>\n

Related: <\/em><\/strong>YouTube channels hacked and rebranded for livestreaming crypto scams<\/em><\/strong><\/p>\n

Major global publications like CNBC emphasized<\/a> that the SQUID token was implementing \u201canti-dumping technology<\/a>,\u201d which was preventing holders from selling the token, without noting that the project could be a scam.<\/p>\n

The Squid Game token\u2019s developers did not respond to Cointelegraph\u2019s requests for comment. PancakeSwap, a decentralized exchange and the only market for trading the token, did not reply to Cointelegraph following a press inquiry on Friday.<\/p>\n

\n

A lot of my normie friends bought this $SQUID<\/a> game token and couldn’t sell i (“anti-dump feature”)<\/p>\n

Now look what happened pic.twitter.com\/wq5egYBKFa<\/a><\/p>\n

\u2014 Friend of Peach (@WaymanCap) November 1, 2021<\/a><\/p><\/blockquote>\n