According to a new update posted by a Shiba Inu community member on social media, the scammers of the Squid token have started to take an interest in the canine meme cryptocurrency. The Twitter account that goes by the name of SHIBArmy recently tweeted that the latest purchase of 3 trillion SHIB tokens by a whale address belonged to the address under the use of Squidgame token scammers.
At the current market value, 3 trillion Shiba Inu tokens are estimated to carry a value of $125 million. The twitter tracker also pointed out that the transaction was made by involving a lot of digital wallets to mask the ID of the real investor behind the purchase. However, he pointed out that one of the addresses that were active in making the transaction belonged to the scammers who conducted the Squidgame rugpull.
The SHIB investors are now worried about the future price movement for the meme coin Shiba Inu token. According to the Twitter account named SHIBArmy, it seems that the manipulators have started to infiltrate the ranks of the SHIB whale investors. Last month, thousands of Squidgame token buyers lost their investment after a few top accounts dumped their reserves without warning.
One man hailing from Shanghai lost his life savings valued at $28,000 in the Squidgame token rugpull. According to the market experts, it is high time that the SHIB investors start to reconsider their investment in the meme coin. It seems that other whale accounts have been accumulating the meme currency in bulk, which is also a sign of the coin becoming vulnerable to scams and price manipulation.
During the current week, the meme coin called SHIB token was listed on the cryptocurrency exchange called Bitstamp. However, the token continues to lose its price value.
On the other hand, the correction keeps increasing and has taken out 3% more from the market value of the meme coin in the last 24 hours. However, the market sentiment gauge Sentiment recently pointed out that the buying positions for SHIB tokens have continued to keep developing. Before the rugpull, the investors kept creating more positions in Squidgame tokens despite warnings from the investors.