Following a stunning price increase, the Squid Game (SQUID) token collapsed by more than 99 percent shortly after Twitter flagged its “official” accounts as questionable. At the date of publishing, the SQUID coin had a “self-reported” market valuation of $2.8 million, as per CMC. The CMC team has not confirmed the project’s current valuation, per the warning.
The token’s completely diluted market cap is $5 million, representing a drop of approximately 99%. SQUID is currently trading at $0.0054, down almost 99 percent in the last 24 hours, with a transaction value of $13 million.
CoinMarketCap data suggests, the SQUID coin witnessed its first negative shift on Monday, wiping out its total gains of up to $2,861 and plunging below $1 in a span of minutes.
Numerous cautions in the cryptocurrency industry did not stop the token’s spectacular climb, with its valuation seeing exponential gains, 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.
Following the restriction of this account, the Squid Game token authors attempted to run similar accounts, which were also banned.
Because of its alleged bogus founders and restricted Twitter comments, the blockchain network has suspected the SQUID coin of being a hoax from the start. On Friday, CoinGecko co-founder Bobby Ong stated that the coin is “most likely a fraud,” adding that it does not match the firm’s listing standards. At the time, the token was worth about $5.
After a media inquiry on Friday, PancakeSwap, a decentralized exchange as well as the lone market for exchanging the cryptocurrency, did not respond.