Shiba Inu Community Alert: Scam Risks Rising

The Shiba Inu community, or “Shibarmy,” warns people about a rise in crypto scams aimed at their favorite meme coin.

As the dog-themed cryptocurrency SHIB continues to navigate price spikes, scammers are taking advantage of its meteoric rise by running complicated schemes disguised as paid ads.

The “Shibarmy Scam Alerts” watchdog, an X account whose sole purpose is sniffing scammers, has issued an urgent warning for SHIB holders to stay alert. Scammers use paid ads that look like real investment opportunities or claim to be connected with the Shiba Inu environment to make people fall for their schemes.

Beware of Scams in Paid Promotions

Stay alert: Scammers are using paid promotions in articles, especially on platforms like Yahoo, posing as legitimate investments.
Many falsely claim to be related to Shiba ecosystem . Always verify information through the official website… pic.twitter.com/TQr2N9Jz9c

— Shibarmy Scam Alerts (@susbarium) March 31, 2024

Protecting the Shibarmy Amidst Price Surges

Users of the Shibarmy are advised to be very careful and ensure that any promotion or business opportunity is real before participating, especially those requiring a financial commitment. The only reliable source of information about Shiba Inu is still the official website. Any deals that seem too good to be true should be taken with a grain of salt.

CoinGecko data shows that SHIB is about to end March 2024 with a price increase of roughly 139%. From its low point of about $0.0000125 at the beginning of March to its high point of $0.000045 on Mar. 5, the token went up over 300% quickly. However, its uptrend quickly fell apart like most altcoins with no solidified purpose and lack of supply cap. 

Even though the price has gone down since then, SHIB is still trading much higher than it was at the beginning of March. It is currently trading at $0.0000306, which is an increase of 8.96% in the past week.