Market Analysis

Shiba Inu team issues scam alert to SHIB investors

The team warned SHIB investors about scammers who are impersonating official accounts and creating fake users.

The team behind meme cryptocurrency Shiba Inu (SHIB) has issued a public warning against ongoing online scams that primarily target altcoin investors interested in SHIB tokens. 

The proactive scam alert came in the form of a tweet detailing the various methods used to dupe unsuspecting victims from the Shiba Inu community. 

The warning further stated, “A fake Shiba Telegram group is being shared across all social media. The scammers impersonate official accounts and create fake users. These scammers reply to general posts.”

While Shiba Inu attracts aspiring crypto millionaires and billionaires, bad actors have ramped up efforts, targeting unwary investors on social media platforms including Twitter and Telegram. Some of the common methods used to contact potential victims are impersonating official accounts and targetting hashtags such as #shib #shibarmy #leash #shibaswap and #bone.

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Furthermore, Shiba Inu’s scam alert highlighted that the community is not offering any kind of promotions including airdrops, bonuses, giveaways or gifts. As a general rule, investors are expected to refrain from sharing wallet keys, credentials or joining and following fake social media accounts.

Related: Meme tokens and dogcoins flood the market as price wars heat up

Taking inspiration from Shiba Inu’s success, numerous dog-themed tokens have started to flood the crypto marketplace. Most recently, SHIB hit an all-time high of $0.000086 on Oct. 28 but has been struggling to keep up its value.

Shiba Inu’s development team has also developed and released another token called Doge Killer (LEASH), which has also seen 130.3% gains recently.

In addition to the token’s mainstream adoption, a growing community of investors has placed SHIB in some of the most popular crypto exchanges including Binance.US and Crypto.com.

The hype around the Dogecoin (DOGE) spinoff is attributed to an extended bull market period that returned high profits for small-time investments. As Cointelegraph reported, an $8,000 investment made by a 35-year-old supermarket warehouse manager in early 2021 is now worth over $1 million. 

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