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.
Stay Alert & Safe #ShibArmy!
We've been made aware of a recent scam, traveling social media, and other communication platforms.
Here's a quick video to provide more information on the matter. pic.twitter.com/UOh50WsJSQ
— Shib (@Shibtoken) November 21, 2021
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.
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.