- Shiba Inu warned users against potential scams.
- Individuals are misusing the SHIB name, claiming undue affiliations.
- Users are hopeful of a repeat of SHIB’s 2021 significant rally.
Shiba Inu has warned users of potential scams using the SHIB name. In a recent post, a SHIB community representative noted that many individuals are misusing the SHIB brand, either by incorporating it into their own branding or falsely claiming to represent SHIB.
The SHIB representative outlined how to identify such potential scammers, noting that they rarely celebrate SHIB’s achievements or promote the project. Instead, they often use the project’s brand to promote their own lesser-known tokens.
This emerging trend of alternative crypto project promoters falsely claiming affiliation with Shiba Inu comes as the crypto market awaits a potential return of bullish sentiment. These suspected scammers appear to be attempting to leverage Shiba Inu’s popularity to sell their own projects.
Shiba Inu gained a significant reputation during the 2021 bull run. Historical data from TradingView shows the flagship meme coin surged 1,694% in October 2021, propelling it into the top ten cryptocurrencies by market capitalization.
SHIBUSD Weekly Chart on TradingView
Shiba Inu’s 2021 rally surpassed the expectations of industry stakeholders, including Ethereum co-founder Vitalik Buterin, who discarded half of the SHIB supply sent to him, donating a significant portion to charity and burning the rest in 2021.
Currently, there is a surge of new investors in the crypto market, hoping for a repeat of SHIB’s 2021 performance. However, such a price surge is unlikely given the token’s current circulating supply. Nevertheless, many holders of the top meme coin remain optimistic about its potential for significant gains when bullish sentiment returns to the market.
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