Shiba Inu, due to its large community, has often been the target of scams due to the trust of the community in the project. As a result, the team has taken to routinely remind the community of multiple scams targeting them, and the latest has come from the admin, Da Vinci.
New Token Scams Targets Shiba Inu Community
Shiba Inu community member @Digarch shared a post on X (formerly Twitter) carrying a screenshot of a warning for the SHIBArmy regarding buying new tokens. The post which was made in the Discord group dives into the token scams and how they hope to exploit the community.
Da Vinci explained that these tokens were tricking investors by pretending to be connected with the Shiba Inu and Shibarium developers. Furthermore, they continue to exploit the Shiba State and Canine code to push their scams to unsuspecting victims. “They have even resorted to posting the shib.io address in their videos to lend false credibility to their schemes,” the post read.
The post further pointed out that the team cannot exclusively ban these tokens from its decentralized exchange (DEX) because of its decentralized. However, they have urged Shiba Inu investors to exercise caution, coupled with comprehensive research, when investing in any token to avoid being scammed.
Another major part of the Shiba Inu ecosystem being exploited is the TREAT tokens, which have not yet launched. However, it hasn’t stopped a number of fake TREAT tokens from popping up and trying to take advantage of the Shiba Inu community. “We will not hesitate to voice our strong disapproval of these scammers and their unethical practices,” Da Vinci said. “Stay informed and protect yourself.”
SHIB Investors Coming Back To The Table
Amid the warnings being sent to the community, Shiba Inu is seeing positive momentum in the market. This is especially visible in its daily trading volume, which is up 37% in the last day. This increase in the daily trading volume suggests a return of positive sentiment among investors.
Furthermore, SHIB continues to maintain its position as the 11th-largest cryptocurrency in the market, behind the likes of Toncoin and Cardano. However, despite its significant jump in daily trading volume, it has fallen behind newcomer, Notcoin, which currently boasts the 6th-largest daily trading volume at $4.25 billion.
At the time of writing, the SHIB price is trending at $0.00002491, indicating a 0.54% gain in the last day. According to CoinMarketCap data, the price is down 2.08% in the last week, but still painting 9.6% gains on the monthly chart.
