04 Jun

The Shiba Inu project, owing to its extensive community, frequently becomes a focal point for scams, exploiting the trust placed in the project by its supporters. Consequently, the team regularly alerts the community about various scams aimed at them, including the most recent one involving an administrator named Da Vinci.

Shiba Inu Community Is the Target of New Token Scams

A message on X (formerly Twitter) featuring a screenshot of a warning for SHIBArmy regarding purchasing fresh tokens was published by Shiba Inu community member @Digarch. The post in the Discord group delves deeply into token frauds and their intended use of the community as a means of exploitation.

According to Da Vinci, the tokens were deceiving investors by feigning affiliation with the Shiba Inu and Shibarium developers. They also keep using the Canine code and Shiba State to push their schemes on gullible people. The report said that in order to give their scams fake credibility, they had even gone so far as to publish the shib.io address in their films.

The post went on to say that because the exchange is decentralized, the staff cannot completely remove these coins from it. To prevent falling victim to fraud, they have advised Shiba Inu investors to purchase any token with caution and thorough investigation.

The TREAT tokens, which have not yet issued, represent a significant portion of the Shiba Inu ecosystem that is being abused. It hasn't stopped some phony TREAT tokens from surfacing, though, in an attempt to exploit the Shiba Inu community. Da Vinci declared, "We will not hold back in expressing our strong disapproval of these scammers and their unethical practices." "Remain knowledgeable and take precautions."

Investors in SHIB Returning to the Table

Shiba Inu is experiencing strong sales momentum despite the community's worries. Its daily trading volume has increased by 37% in the past day, which makes this particularly evident. The rise in daily trading volume indicates that investor sentiment may be turning back toward optimism.

In addition, SHIB is still the eleventh-largest cryptocurrency available on the market, trailing only Cardano and Toncoin. It has trailed newcomer Notcoin, which presently has the sixth-largest daily trading volume at $4.25 billion, despite its notable increase in daily trading volume.

June 2024, Cryptoniteuae

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