Did the FBI CoinMarketCap warning cause the Saitama Inu coin price to crash? – Dogecoin – US Dollar ($DOGE)

Saitama (CRYPTO: SAITAMA) was trading down 11.8% over 24 hours at $0.00000006878 at press time.

What’s moving? The coin declined by 32.7% over a seven-day period.

SAITAMA fell 5.86% and 5.94% against Bitcoin and Ethereum, respectively.

SAITAMA, named after a legendary ghost dog said to roam the mountains of Saitama, Japan, eclipsed Dogecoins (CRYPTO: DOGE) year-to-date in the past 90 days.

SAITAMA is up 6003.43% in the past 90 days, while DOGE has gained 3802.18% so far in 2021.

On Thursday, SAITAMA fell as low as $0.00000003129 in intraday trading, which is 119.8% below its price at press time.

The sharp drop in SAITAMA’s price came after a “warning” was placed on Saitama’s data page on CoinMarketCap.

The warning read, “Willie D (a Saitama partner) Convicted of Wire Fraud Scam (FBI). For more information on the partnership, visit here, FBI press releases, visit here.

Screenshot by CoinMarketCap – Courtesy of Timothy S. Boucher, Cryptogeum on Medium.com

It should be noted that at press time, the announcement was no longer visible on CoinMarketCap.

See also: How to buy Saitama (SAITAMA)

Why is this important: One of the links in the disclaimer led to a press release announcing rapper Willie D’s appointment as “Chairman of NFT Curation and Talent Acquisition” by Saitama.

The other link led to a archived ad by the United States Federal Bureau of Investigation dated November 2010. The announcement was related to the conviction of William James Denis, also known as Willie D, on wire fraud charges.

The official SAITAMA Twitter account noted the placement of the warning on CoinMarketCap and asked the community known as “WolfPack” to remain calm.

In a more recent tweet, the official Twitter account announced that the project’s developer team will have a meeting with their legal team and they will host an Ask Me Anything session with the community at 4pm CST.

CoinMarketCap allows what it calls “native ad placements”. These advertisements can be included in the search bar, coin positions and front page rankings.

This week, a pseudonymous Twitter account “Shytoshi Kusama” who describe themselves as “volunteer Shiba Inu project manager” wrote a blog post targeting CoinMarketCap and noting the “token count authority” the price tracking website has.

“We have seen other errors occur on the CMC website, including entering the wrong contract address; essentially adding another token to ours,” Shytoshi wrote.

Read more : Dogecoin Trades Flat: Are Binance CEO Comments Responsible?

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