Scam alert for Shiba Inu
Scam alert for Shiba Inu
Security

Scam alert for Shiba Inu

By Vincenzo Cacioppoli - 23 Nov 2021

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The Shiba Inu team released a video yesterday via Twitter warning investors of the risks of a scam targeting the accounts of investors in the meme coin.

Shiba Inu’s fake airdrop scam

The group warned investors not to share their wallet keys or provide email addresses or passwords to anyone under any circumstances. 

It announces in the video:

“THERE IS NO: SHIBA BREAKING NEWS! BIG EVENT!”

On 28 October, SHIB, dubbed the doge killer, reached its all-time high at $0.000086 but in the last two weeks, prices have retraced sharply.

It is now trading around $0.00004490 and its valuation is around $24 billion, after hitting $36 billion, surpassing its historical rival Dogecoin and entering the top ten cryptocurrencies.

Shiba Inu

Shiba Inu vs Dogecoin

Born in 2020, Shiba Inu has always been considered as the main competitor of the more famous meme coin Dogecoin, founded in 2013. In 2021, after impressive growth, Shiba Inu managed to overtake Dogecoin in terms of capitalization, earning it the title of Dogecoin killer.

Similar to the story of the mysterious Bitcoin founder Satoshi Nakamoto, Shiba Inu has an anonymous creator named Ryoshi. But the project immediately had the support and funding of Ethereum co-founder Vitalik Buterin. Buterin came to hold almost 50% of all SHIB, which he donated to the India Covid Relief Fund. 

Just as Elon Musk has been the dragging force behind Dogecoin’s share price, with his repeated tweets, at the same time Buterin can be said to have helped create huge interest from the crypto community in Shiba Inu. 

The news that dragged SHIB’s price down

However, some recent news stories have helped make the coin even more attractive. Like the fact that America’s largest cinema and theatre chain, AMC, has announced that it will soon be possible to pay using Shiba to enter the theatres.

Shiba Inu has been listed on Coinbase since September 2021, and has been the third most traded coin on the famous exchange, after Bitcoin and Ethereum.

Shiba’s team also recently announced an NFT-related project, although the details of this are not yet known. But this is clearly not enough to make it a secure and reliable currency. 

Many exchanges, such as the popular trading app Robinhood, have not yet agreed to list the currency, precisely because of the need to monitor its soundness. The recent announcement of this possible scam can only increase doubts about these meme coins. 

Born almost as a game, they have grown at an impressive rate, without a real project behind them, only driven by the speculation of great personalities, such as Elon Musk or Vitalik Buterin. Dogecoin and Shiba Inu are now entering the maturity phase, which must lead to a consolidation of their future and their role within the crypto ecosystem. 

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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