The Squid Game Token (SQUID) plunged by more than 99% after Twitter flagged the shady cryptocurreny‘s “official” accounts as suspicious. SQUID last had a “self-reported” market valuation of $2.8 million, according to CoinMarketCap (CMC). SQUID peaked at as much as $2,861 dollars before nosediving to below $1 dollar in a matter of minutes. SQUID last had a “self-reported” market valuation of $2.8 million, according to CoinMarketCap (CMC).
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SQUID peaked at as much as $2,861 dollars before nosediving to below $1 dollar in a matter of minutes.
The token still had a self-reported market cap of $1,802,875, down by almost 99.99 percent, per CMC. In further bad news for investors, the whitepaper and the official website of the token have disappeared.
There had already been plenty of red flags, raised by dubious claims of “partnership” with Netflix, Microsoft, CoinGecko, and several other well-known brands on the project’s wesbite.
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Also in their whitepapers and website there are several grammatical mistakes such as “liquidity” having been spelled “liqudity”. Key team members listed as “CEO”, “CMO”, and “CTO” have no online or social media presence. An “official” Telegram channel for SGT was closed for comments from those on the outside. It was also reported that even their Twitter account makes it impossible for regular people to reply to post.
But the red flags did not stop the token’s spectacular rise , with valuation topping $90 on Monday and afterward surpassing over $2,000 in a matter of minutes. The fall comes just days after Twitter warned accounts allegedly related to the SQUID token as questionable, including the main account, which has over 70,000 followers.
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The blockchain network had suspected the SQUID coin of being a hoax from the start with CoinGecko co-founder Bobby Ong stating the coin as “most likely a fraud” on Friday, at the time when the token was trading about $5.
The SGT tried to cash in on the popularity of hit Netflix show ‘Squid Game.’