The Squid Game (SQUID) coin plunged over 99% when Twitter identified its “official” accounts as questionable, following a mind-blowing price spike.
According to statistics, the SQUID token had its first negative move on Monday, wiping out all of its gains from as high as $2,861 in a matter of minutes and plunging below $1.
With a trading volume of $13 million, SQUID is currently trading at $0.0054, down nearly 100% in the last 24 hours.
At the time of publishing, the SQUID cryptocurrency has a market valuation of $2.8 million, according to CMC. The project’s market cap has not been validated by the CMC team, according to the notice. The completely diluted market cap of the token is $5 million, a drop of more than 99%.
The price decline came after Twitter labelled accounts linked to the SQUID token as suspicious, including the original account, which has over 70,000 followers. Following the restriction of this account, the Squid Game token creators attempted to operate additional accounts, which were also terminated.
The crypto community has suspected the SQUID coin of being a hoax
Because of its allegedly fictitious creators and restricted comments on Twitter, the crypto community has suspected the SQUID coin of being a hoax from the start. CoinGecko co-founder Bobby Ong stated on Friday that the coin is “most likely a fraud”. Noting that it did not match the firm’s listing requirements. The token was worth around $5 at the time.
Despite many warnings from the crypto community, the token’s price skyrocketed. Reaching $90 on Monday and then soaring to more than $2,000 in a matter of minutes.
The SQUID coin was using “anti-dumping technology”. Which prevented holders from selling the token, without mentioning that the project might be a hoax, according to major worldwide outlets such as CNBC.