After a sudden surge towards the end of last week and early Monday morning that saw its price get above $2,800 despite multiple scam warnings, Squid Game Token (SQUID) has finally taken a bow.
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 flagged the “official” Squid Game token accounts on the social media platform as suspicious.
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 matter of minutes for SQUID’s price to crash from about $2,861 to below $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.
On Friday, when the coin was on fire as it skyrocketed to a new high, CoinGecko co-founder said that it was “most likely a scam,” and noted that CoinGecko did not list it since it did not meet the listing criteria. At the time SQUID was trading at about $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.
There were reports that SQUID token was using “anti-dumping technology” that prevented holders from selling the token and this did not hit most as being a scam.
A lot of my normie friends bought this $SQUID game token and couldn’t sell i (“anti-dump feature”)
Now look what happened pic.twitter.com/wq5egYBKFa
— Friend of Peach (@WaymanCap) November 1, 2021