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.
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.
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 a million dollars.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ripple's XRP set sights on $1.100 following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token.
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?
Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF
Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil
Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.