Did CoinMarketCap FBI Warning Cause Saitama Inu Coin Price To Crash?

Saitama SAITAMA/USD traded 11.8% lower over 24 hours at $0.00000006878 at press time. 

What’s Moving? The coin has declined 32.7% over a seven-day trailing period.

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

SAITAMA, whose name is drawn from a legendary ghost dog said to roam in the mountains of Saitama, Japan, has outshone Dogecoin’s DOGE/USD year-to-date gains in the last 90 days.

SAITAMA rose 6003.43% over the last 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 decline in SAITAMA price came after a “warning” was placed on the Saitama data page on CoinMarketCap.

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

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

See Also: How To Buy Saitama (SAITAMA)

Why It Matters: One of the links in the warning led to a press release announcing rapper Willie D’s appointment as “President of NFT Curation and Talent Acquisition” by Saitama.

The other link led to an archived announcement by the U.S. Federal Bureau of Investigation dating back to November 2010. The announcement was related to the sentencing of William James Dennis, also known as Willie D, for wire fraud charges.

SAITAMA’s official Twitter handle noted the placement of the warning on CoinMarketCap and asked the community known as “WolfPack” to stay calm.

In a more recent tweet, the official Twitter handle announced that the project’s developer team will have a meeting with its legal team and they conduct an Ask Me Anything session with the community at 4 p.m. CST. 

CoinMarketCap allows for what it calls “Native Ad Placements.” These advertisements can be included in the search bar, trending coin positions, and front-page rankings. 

This week, Pseudonymous Twitter handle “Shytoshi Kusama,” who describe themselves as “Volunteer Project Lead of Shiba Inu” penned a blog taking aim at CoinMarketCap and noting the “authority on the amount of tokens” the price-tracking website possesses.

“We have seen other errors take place on CMC’s website including putting the wrong contract address; essentially adding another token to ours,” wrote Shytoshi. 

Read Next: Dogecoin Trades Flat: Are Binance CEO's Comments Responsible?

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