It seems that the optimism around SHIB has started to wane, now that the token’s trade has fallen in line with the price. Shiba Inu’s team warned of scams.
It seems that the euphoria around the token puppy meme Shiba Inu (SHIB) is cooling off amid the coin price decline and the proliferation of fake accounts looking to scam novice investors.
As reported CoinDesk, the trading volume of SHIB on the cryptocurrency exchange Coinbase It has started to shrink after having topped the list for two weeks. Shiba Inu represented 6.72% of the total turnover on the platform, falling to third position behind Bitcoin and Ether, based on a breakdown of the volume of Coinbase for the week ending November 19.
Coinbase: SHIB trading declines
The slight drop in SHIB’s trading volume comes after the token self-proclaimed “dogecoin killer”Will lead the list for two weeks in a row. As such, SHIB’s trading volume in Coinbase contributed 16.6% to total activity in the seven days to November 11 and 25% in the seven days to November 5.
The decline is a sign that euphoria over doggy meme coins is beginning to wane among investors, he noted. Coinbase Institution in a weekly newsletter cited by CoinDesk.
In terms of the volume breakdown, BTC and ETC have regained the top spots, while SHIB is still in third place for now as the retail meme coin mania cools off.
Despite the decline, the canine-like cryptocurrency continues to lead in Coinbase in terms of trade volume.
SHIB is still ahead of prominent cryptocurrencies such as SOL and DOT tokens, from programmable blockchains Solarium and Polkadot; above the MATIC cryptocurrency, native to the scaling solution for Ethereum, Polygon, and the native currency of the decentralized oracle network Chainlink, LINK.
According to the report by CoinDesk, the token Shiba Inu It has remained one of the three most traded cryptocurrencies on the platform since the second week of October.
SHIB team warns of scams
The news about the drop in SHIB trading volume in Coinbase It emerges amid a surge in token copycat accounts looking to take advantage of the project’s recent success to scam unsuspecting investors.
The team behind the cryptocurrency Shiba Inu issued a public warning against several of ongoing online scams that primarily target investors from altcoins interested in SHIB tokens. The token’s promoters warned in a series of tweets published yesterday, where they detail some of the methods used by scammers.
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
Some of the common methods used to contact potential victims are impersonating official accounts on social media platforms such as Twitter or Telegram and target hashtags like #shib #shibarmy #leash #shibaswap and #bone.
A fake Shiba Telegram group is being shared on all social media. Scammers impersonate official accounts and create fake users. These scammers respond to general posts.
The team also noted that the SHIB community does not offer any kind of promotions, including airdrops, bonuses, giveaways, or giveaways. As a general safety rule, they urged investors to refrain from sharing wallet keys, credentials, or joining and following fake social media accounts.
Doggy Token Market Cools Down
SHIB, an ERC-20 token created in 2020 that sought to imitate the success of the Dogecoin, has multiplied by ten in the last four weeks, surpassing Bitcoin and other major cryptocurrencies by a large margin. The token meme hit a new high of $ 0.00008894 on October 28, ending the month with a gain of 830%, and even briefly outperforming rival DOGE in terms of higher market capitalization.
SHIB’s price spike came amid a frenzy around doggy meme cryptocurrencies, a trend possibly motivated by the multiple tweets by billionaire Elon Musk in support of Dogecoin. The rise of Shiba it also coincided with a broader bull run in the rest of the market, which some analysts suggest indicates broad retail interest.
It is possible that retail investors raced into the coin with the optimistic intention of reaping high percentage gains in a very short time. Another sign of retail interest is reflected in searches for Google. According to data from Google Trends, searches for SHIB-related terms and their price peaked around the world in late October, just as the rally.
However, it seems that the growing optimism around SHIB has started to cool now that the price of token it has remained in a downtrend after its October peak. The price of the coin has dropped almost 50% in recent weeks to trade at $ 0.00004474, at press time.
The market for Shiba Inu registers slight price losses this Monday amid a larger drop for major cryptocurrencies. Bitcoin It has fallen back from the $ 60,000 mark while the general trend of the crypto market remains on the downside.
Hannah Estefanía Pérez’s version / DailyBitcoin
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