Shiba Inu’s team has warned users that scammers might mislead people with fraudulent social media accounts. The group said that the scammers were mainly targeting people looking to buy the fast-rising meme coin. The team disclosed on Twitter the elaborate tactics used by the criminals.
The team mentioned that the scammers had created a telegram channel. They also disclosed that they copy verified accounts. They also said they reply to posts on social media. The cryptocurrency space is attractive because of the possibility of high returns, and for some, Shiba seems to be the way for them.
It is this fact that the harmful elements hope to take advantage of to scam unsuspecting victims. They also make use of Shiba Inu-related hashtags.
The team also disclosed that they are not currently running any form of giveaway or airdrop. The Shiba Inu team has advised buyers not to give out their private keys or follow unverified accounts. They also told them not to share other personal information or email details. The cryptocurrency right now might not be having the best of times.
Shiba Inu Drops In Coinbase Ranking
The hype surrounding the aspiring meme coin king might be waning. According to Coinbase’s weekly report, the token that had two weeks before been making up the most trading volume has dropped down to the third place. This is from data of the week ended on the 19th of November.
Coinbase Institutional says that Ethereum and Bitcoin have climbed back to the top, leaving Shiba Inu third place. They think the hype surrounding the fast-rising token is dying down. The meme coin is still ahead of other popular Altcoins in weekly trading volume on the largest exchange in America.
The token has found its way to the top 3 traded tokens on the platform since mid-October. It is a big feat because it doesn’t have a lot of institutional investment. Shiba Inu coin picked up the most steam last month, swept along with the bullish run of many major cryptocurrencies. It ended the month with a growth of over 800%.
Shiba Inu Token Overtaken By Avalanche
In more news, today, Avalanche has overtaken Shiba Inu and Dogecoin in the top 10 cryptocurrencies list. The move comes after a deal with Deloitte. The Avalanche token late yesterday reached new highs and, with this, entered the top 10 cryptocurrency list.
The Shiba Inu tokens successes have created a trend and led to many dog-themed tokens flooding the cryptocurrency market. The token hit an all-time high in October this year. It has, however, been finding it difficult to maintain its value of late with recent corrections that hit even the big boys.
The team behind the coin has been busy, though. They recently created another token named Doge Killer (Leash). The new token from the team has seen a growth of over 100% already. Shiba Inu raked in enormous profits for small investments this year, and as such, it is easy to understand the excitement around the coin.
The coin started the trading day around $0.00004369. Currently, it is trading around the $0.00004466 price point, as to whether it will reclaim former highs is yet to be seen. It seems to have retail support at the moment.