This Sunday, the developers of the cryptocurrency Shiba Inu (SHIB) have issued an alert against scams that target altcoin investors interested in SHIB tokens.
The scam alert came in the form of a tweet that detailed the methods used to scam unsuspecting victims from the community.
Stay Alert and Safe #ShibArmy !, said the SHIB development team. Source: Twitter
«A fake Shiba Inu Telegram group is being shared on all social networks. Scammers impersonate official accounts and create fake users. These scammers respond to general messages. He indicated the video posted on Twitter.
While the Shiba Inu cryptocurrency attracts a large number of investors, market scammers have stepped up their efforts, targeting innocent investors on social platforms, including Twitter and Telegram. The methods used by scammers to contact potential victims are the spoofing of official accounts and the use of hashtags related to cryptocurrency, such as #shib #shibarmy and #shibaswap.
Likewise, the published alert highlighted that the community does not offer any type of promotion, voucher, gifts or gifts. Investors are expected to avoid sharing their wallet keys and following fake accounts on social media.
Due to the success of memecoins like SHIB and DOGE, new tokens have started to flood the cryptocurrency market. SHIB recently hit an all-time high of $ 0.000086 on October 28. However, it has been struggling to maintain its listing on the market due to the downtrend that is present throughout the cryptocurrency market today.
Shiba Inu decreased its market volume, according to Coinbase
The recent speculative frenzy towards memecoins and specifically the Shiba Inu token (SHIB), appears to be cooling down. This is shown by Coinbase’s market volume breakdown.
SHIB last week, accounted for 6.7% of the total volume of cryptocurrencies traded on Coinbase, falling to third place behind Bitcoin and Ethereum. Notably, SHIB led Coinbase’s volume rankings for two weeks.
However, SHIB is still ahead of the most popular cryptocurrencies such as Solana and Polkadot.
Coinbase volume ranking for the past week. Source: Coinbase
Several analysts saw the increase in SHIB as a sign of the frenzy towards memecoins, which is often seen at the peaks of the market in general. The crypto meme bull run in early May was followed by a sell-off across the crypto market, causing Bitcoin to plummet from $ 58,000 to $ 30,000 in less than two weeks.
With the current cooling of the bull market, the attention of the cryptocurrency market may be redirected back to Bitcoin and other major cryptocurrencies. SHIB is trading at $ 0.0000423 at the time of writing, according to CoinMarketCap.