As scams involving the dog-themed meme coin Shiba Inu (SHIB) are spreading rapidly across social media, the makers of the popular cryptocurrency have warned investors.
Shiba Inu says bad actors are spreading their scams over the Internet by impersonating Shiba Inu official members and offering fake giveaways, airdrops, gifts, and bonuses under the Shiba Inu guise.
Across social media, a fake Shiba Telegram group has been shared. Fraudsters create fake user accounts and impersonate Shiba officials. Their posts appear in general forums. “Hashtags are targeted.”
The Shiba Inu team recently released a video detailing the most commonly targeted hashtags, which include #SHIB, #SHIBarmy, #Leash, #SHIBAswap and #Bone.
Currently, SHIB airdrops and giveaways are not happening, and Shiba Inu holders should refrain from disclosing their wallet keys, email addresses, personal information or tokens to anyone. They are advised to stay alert and block fake accounts and bots on social media.
The meme coin which is currently trading at $0.000039, has recently passed the 1 million-holder mark and is down 11% for the week, according to data collated from Coinmarketcap
This anonymous coin was created last year by someone going by the name, Ryoshi. According to its website, the coin is a “decentralized meme token that has evolved into a vibrant economic system.” Similar to Dogecoin, which was also created as a joke in 2013, the coin utilizes a Shiba Inu image.
Despite being made as a joke, these meme coins have caught the attention of Elon Musk, who stated that a physical Dogecoin would be put on the moon and that it would trade for as much as $1. Popular meme coins are now being used by a number of sports teams, movie theaters and other organizations as a means of payment.