Shiba Inu’s team warns the community to beware of scammers

The team behind Shiba Inu (SHIB), a meme token that seeks to kill Dogecoin (DOGE), has warned investors to beware of an ongoing SHIB-related scam. The scam alert came in the form of a tweet on November 21, noting that malicious actors have been propagating the scam on multiple social media platforms. Specifically, the fraudsters have been sharing a fake Telegram group across social media.

The tweet read,

“Stay Alert & Safe #ShibArmy! We’ve been made aware of a recent scam, traveling social media, and other communication platforms. Here’s a quick video to provide more information on the matter.”

In the video, the SHIB team noted that the scammers had impersonated official SHIB accounts and created fake users. Through these accounts, they have been replying to general posts that contain hashtags like #SHIB, #SHIBARMY, #LEASH, #SHIBASWAP, and #BONE.

Urging community members to stay alert, the SHIB team noted that there isn’t a big event related to SHIB. Additionally, the team said there aren’t any SHIB promotions. As such, the SHIBARMY should steer clear of any airdrops, bonuses, or giveaways. The video directed investors to avoid sharing wallet keys, email addresses or passwords and sending the scammers tokens.

 Ambitions to become more than just a meme coin

This news comes after SHIB put up an impressive performance in the past few months. As a result, the coin deleted one zero and surged as high as $0.00008845 on October 28. During its peak days, SHIB entered the top-10 list of leading cryptos and momentarily toppled DOGE.

However, the coin failed to maintain its gains and plunged, losing almost 50% of its value. At the time of writing, SHIB is trading at $0.00004437 after losing 3.58% in 24 hours and 17.34% over the past seven days. SHIB’s current price represents a 49.56% drop from its ATH. 

Despite SHIB’s slump, its community still believes it can soar to $0.01 in the future. 

While experts claim this price is not feasible due to the token’s massive supply, SHIB developers are planning on introducing more features that would help push the coin’s price higher. These include a decentralized exchange dubbed ShibaSwap, a stablecoin titled SHI, and a blockchain network named Shibarium. SHIB also has a burn mechanism that aims to decrease its supply and drive the price higher. 

The backing of a strong, dedicated community

Several leading exchanges, including Binance, Coinbase, Gemini, and, have already listed SHIB. The SHIBARMY is also trying to get Robinhood to list SHIB on its platform, a move that would expose the coin to more investors and potentially push its price up. The petition to get Robinhood to list SHIB has over 535,000 signatures.

With SHIB performing impressively, several early adopters became millionaires. Looking to attract these new millionaires, Vegas Auto Gallery tweeted that SHIB HODLers can use their tokens to purchase vehicles. 

AMC’s CEO, Adam Aron, also announced that the company would accept SHIB as payment for movie tickets and concessions in two to four months.


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