Shiba Inu, due to its large community, has often been the target of scams due to the community’s trust in the project. As a result, the team has taken to regularly reminding the community of the multiple scams targeting them, and the latest one comes from the admin, Da Vinci.
New Token Scams Target Shiba Inu Community
Shiba Inu community member @Digarch shared a job on X (formerly Twitter) containing a screenshot of a warning to SHIArmy about purchasing new tokens. The post in the Discord group dives into token scams and how they hope to exploit the community.
Da Vinci explained that these tokens deceived investors by pretending to be linked to the Shiba Inu and Shibarium developers. Additionally, they continue to exploit Shiba State Code and Dog Code to forward their scams to unsuspecting victims. “They even resorted to publishing the shib.io address in their videos to give false credibility to their projects,” the message reads.
The post further highlights that the team cannot exclusively ban these tokens from its decentralized exchange (DEX) due to its decentralization. However, they urged Shiba Inu Investors Should Exercise Cautioncoupled with thorough research, when investing in any token to avoid being scammed.
Another important part of Shiba Inu ecosystem TREAT tokens, which have not yet been launched, are being mined. However, this has not 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 express our strong disapproval of these scammers and their unethical practices,” Da Vinci said. “Stay informed and protect yourself. »
SHIB investors return to the table
Amid warnings sent to the community, Shiba Inu is experiencing positive momentum in the market. This is especially visible in its daily trading volume, which increased by 37% over the last day. This increase in 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 Toncoin and Cardano. However, despite the significant increase 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, SHIB price is trading at $0.00002491, indicating a gain of 0.54% over the past day. According to CoinMarketCap datathe price is down 2.08% over the past week, but still shows gains of 9.6% on the monthly chart.
