PEPE, SHIB Dip to 30-Day Lows Amid Scam and Security Issues

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PEPE, SHIB Dip to 30-Day Lows Amid Scam and Security Issues
  • Scam allegations and security breaches push SHIB and PEPE to 30-day lows, sparking investor caution.
  • Pawswap’s alleged attack on Shibarium raises questions despite Certik awarding it a silver KYC badge.
  • Pepe’s Telegram hack and massive token theft exacerbate market instability, driving a 19% drop in trading volume.

Scams have increased in the crypto landscape, and meme coins like Shiba Inu (SHIB) and Pepe (PEPE) are feeling the impact. Specifically, SHIB’s Shibarium network and PEPE’s Telegram group have been plagued with issues, leading to bearish sentiment in both markets. Moreover, these developments have caused both currencies to hit 30-day lows, intensifying the urgency for investor caution.

Scam Allegations Rock Shibarium

Recently, a significant player on the Shibarium tech team, Digarch, highlighted a warning from Shibarium tech admin DaVinci. The alert was about a project named “Pawswap,” accused of funding attacks on the Shibarium network. Consequently, DaVinci urged the community to avoid the project, terming it a “Scam or Shitcoin.”

However, Digarch clarified that Pawswap should be distinct from Pawzone, a legitimate project. Significantly, Pawzone is behind the upcoming NFT marketplace Pawzaar, which will soon launch on Shibarium.

Meanwhile, another user on the social platform X contested the scam allegations. They pointed out that blockchain security firm Certik had awarded Pawswap a silver KYC badge, stirring confidence among potential investors.

Pepe Telegram Hack Adds Fuel to Fire

In addition to the existing market instability, Pepe Coin’s Telegram account recently suffered a breach. Hence, an unauthorized user, who goes by “lordkeklol,” took over the account. The individual began promoting scams and other crypto projects, compromising the coin’s reputation.

Additionally, the Pepe team requested the community to report this account, pledging future updates would come exclusively from their official X account.

PEPE/USD 7-day price chart (source: CoinStats)

Interestingly, the PEPE coin has already faced internal discord and massive token theft. Over 16 trillion PEPE tokens were stolen and funneled into various centralized exchanges. As a result, trading volume dropped by nearly 19%, instigating fears of further decline.

Market Reactions and Investor Sentiment

While these scam allegations and security issues have not been definitively proven, they have notably impacted market behavior. Shiba Inu prices have tumbled from a 24-hour high of $0.000007418 to a 30-day low of $0.000007207.

SHIB/USD 7-day price chart (source: Coinstats)

Similarly, PEPE’s value slid from an intra-day high of $0.0000007261 to a 30-day low of $0.0000006785. Consequently, these developments suggest a bearish sentiment among investors.

The recent scam allegations and security breaches surrounding SHIB and PEPE highlight the necessity for due diligence. Shytoshi Kusama, Shibarium’s lead developer, has consistently emphasized the importance of research, a sentiment that now appears more relevant than ever. Given the turbulent market conditions, investors should proceed with extreme caution.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.