After a staggering worth improve, Squid Recreation (SQUID) fell greater than 99% shortly after Twitter flagged “official” accounts as suspicious.
In accordance with knowledge from CoinMarketCap (CMC), SQUID noticed phenomenal development to $ 2,861 however then fell beneath $ 1 in minutes.
On the time of writing, SQUID is buying and selling at $ 0.0041, down 99.99% within the final 24 hours with buying and selling volumes in extra of $ 14 million.
SQUID worth desk | Supply: CoinMarketCap
In accordance with CMC, SQUID has a market capitalization of $ 2.8 million at press time. The CMC staff didn’t examine the market capitalization of the mission. SQUID’s totally diluted market cap is $ 5 million, down greater than 99%.
As well as, CoinMarketCap itself issued a banner in regards to the dangers of investing in SQUIDs:
“We now have acquired many stories that customers can not promote SQUIDs in Pancakeswap. Please give your individual judgment and watch out when buying and selling! Whereas this mission is clearly impressed by the Netflix collection of the identical title, it’s unlikely to be related to the official IP. “
The decline got here shortly after Twitter flagged SQUID-related accounts as suspicious, together with the unique account, which had greater than 70,000 subscribers. After this account was restricted, the builders of Squid Recreation tried to maintain different accounts which have been later closed as properly.
The mission’s web site can be unavailable on the time of writing.
As a result of apparently faux founders, the crypto neighborhood suspected from the start that Squid Recreation was a rip-off and blocked Twitter feedback. On Friday (October 29), CoinGecko co-founder Bobby Ong mentioned SQUID was “almost certainly a rip-off” and famous that the corporate was not listed as a result of it didn’t meet its itemizing standards. On the time, it was about $ 5.
A number of warnings within the crypto neighborhood didn’t cease Squid Recreation superb development, the value skyrocketed, hitting $ 90 at this time (Nov 1st), then topping $ 2,000 in minutes.
Main world publications like CNBC emphasize that SQUID is introducing “anti-dumping know-how” stopping house owners from promoting it, however doesn’t say the mission may very well be a rip-off.
Squid recreation builders stay ‘mute’ forward of SQUID’s demise. PancakeSwap, a decentralized change (DEX) and sole buying and selling platform, has not but launched any particulars in regards to the incident.
A variety of my Normie buddies purchased this $ SQUID Recreation token and couldn’t promote i (“anti-dump operate”)
Now look what occurred pic.twitter.com/wq5egYBKFa
– Good friend of Peach (@WaymanCap) November 1, 2021
“Lots of my buddies purchased SQUIDs and couldn’t promote them (anti-dumping operate). Now look what occurred. “
It’s value noting that there are different tokens with SQUID tokens on the market and a few of them appear to be doing very properly. No matter what occurred to the Squid Recreation, this ought to be a severe signal and warning of euphoria and do your individual analysis earlier than investing.
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In accordance with Cointelegraph