Shiba Inu Team Issues Scam Warning, Here’s What SHIB Investors Should Watchout For

Shiba Inu (SHIB) has become one of the most popular meme currencies in the second half of the current bull cycle. The popularity in the crypto world comes with its fair share of disadvantages especially in the form of scams that often lure new investors and rob them of their investment. A similar trend is being observed with SHIB amid heightened popularity and growing adoption. The Shiba Inu team released a video warning against such potential scams via its official Twitter handle.

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. pic.twitter.com/UOh50WsJSQ

— Shib (@Shibtoken) November 21, 2021

The short video clip highlighted how various telegram scam channels are trying to impersonate the official handles and offer fake airdrops and rewards. The scammers usually target hashtags on social media and comment on general posts associated with those hashtags.

Fake Shiba telegram group is being shared across social media. The scammers impersonate official accounts and create fake users. These scammers reply to general posts.

They target your hashtags: #shib #shibarmy #leash #shibaswap #bone

There is no: Shiba breaking news! Big event!

There is no: Shiba airdrop!

There is no: Shiba bonus!

There is no: Shiba giveaway!

There is no: Shiba gift globally!

The official handle also advised investors to stay alert and to never share their wallet private keys or email addresses.

Shiba Inu Slips Out of Top-10 Crypto Rankings

Shiba Inu made headlines in October thanks to its mammoth 1000% surge that also helped its dethrone Dogecoin (DOGE) briefly and also broke into the top-7 in terms of crypto rankings. However, November has turned out bearish for the popular meme currency despite several new mainstream partnerships and listing announcements.

SHIB is currently trading at $0.00004605 with a 5% decline over the past 24-hours. The altcoin has lost nearly 50% of its valuation from an all-time high of $0.000089. The altcoin has slipped out of the top-10 rankings as Avalanche (AVAX) overtook SHIB with a 50% weekly surge.