Earlier this week, a public announcement posted to the official Shiba Inu (SHIB) Twitter (NYSE:TWTR) account served as warning to potential investors of fraudulent activities occurring across various social media platforms. Here’s how the announcement appeared on social media.
The written message scrolls on a video that runs approximately 50 seconds long, embedded within the tweet. The bulk of the message is transcribed below.
"We've been made aware of a recent scam traveling [on] social media and other communication platforms. A fake SHIBA Telegram group is being shared across social media. The scammers impersonate official accounts and create fake users. There is no 'SHIBA BREAKING NEWS! BIG EVENT!' There is no SHIBA airdrop! There is no SHIBA bonus! There is no SHIBA giveaway! There is no SHIBA gift globally!" Many high-profile meme tokens are frequent targets for similar scams and attacks since bad actors correctly assume that new entrants to the crypto-sphere are drawn to the popularity of projects such as Dogecoin, Floki Inu, and Shiba Inu. Unfortunately, these new crypto users tend to be more susceptible to fraud.
In recent weeks, few crypto projects have garnered the level of attention that Shiba has attracted. Especially when you consider that last week, Shiba’s user base officially surpassed the 1 million mark according to the Certik audit report posted on the Shiba Inu website. Additionally, Shiba’s following on Twitter has passed the 2 million mark – which is 10% more than the 1.8 million currently following the official Ethereum account.
Regardless, the “Doge killer” could be a victim of its own success. At the time of writing SHIB was trading at $0.0000403, which is a 51% decline from its all-time high of $0.0000879 posted on Oct. 27, while it’s down 5.27% during the past 24 hours according to CoinMarketCap.
On The Flipside
- While meme coins can serve as inviting entry points for new crypto adopters, these one-dimensional projects can become a trap – offering low upside, underwhelming future development, and rising opportunity costs from other missed investments.
Why You Should Care?
Advise friends and family to steer clear of these types of projects since the big gains have already come and gone. If Shiba was to 100x again, with its current $24 billion market cap, it would require a price explosion that would push its valuation to $2.4 trillion. When you consider the current entirety of the crypto-universe is $2.6 trillion – including Shiba – there’s mathematically no way it will see those multiples again anytime soon.
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