Shiba Tron, The Shiba Inu And Floki Inu ‘Killer’ That Soared 1,000%, Is A Potential Scam

Christian Encila

3 years ago

2 mins read

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This token, named after the surprising hit of 2021, Shiba Inu, has almost no value. Fortunately, the bogus token was spotted early on, preventing Shiba Tron from duping other users.

Shiba Tron (SHIBT) is a new addition to the growing pack of meme currencies featuring dogs. A few days ago, the SHIBT coin soared by more than 1,000%, capturing investors’ interest.

PeckShield, on the other hand, has issued a warning to cryptocurrency aficionados regarding SHIBT. The contract, according to the blockchain security firm, has a piece of code that restricts token sales to whitelisted individuals.

Wallet addresses that have been issued tokens but have not yet been added to the whitelist will be unable to send funds.

Beware Of Shiba Tron

PeckShieldAlert mentioned the token in a tweet, along with an image of a code. Additionally, the renowned blockchain security group stated that Shiba Tron is a fraud.

The term “whitelist” refers to a list of bitcoin addresses that are deemed reliable. Only addresses listed on the Whitelist have the ability to withdraw funds from their exchange account.

PeckShield recommends avoiding tokens or coins that restrict users’ capacity to sell, transfer, or conduct transactions using their own cash.

Total crypto market cap at $1.901 trillion in the daily chart | Source: TradingView.com

Quite frequently, producers launch token sales, issue tokens, and then restrict access to certain wallets to exchanges.

PeckShield said Shiba Tron is operating a honeypot scam to entice investors to invest in the cryptocurrency. After investing, the user will receive their SHIBT tokens but will be unable to transfer or sell them.

Heavy Transaction Volume

According to statistics from BSCScan, SHIBT has a total market capitalization of more than $53 million and 5,681 investors. The data indicates that over 10,000 transactions have occurred, and some users are still interacting with the coin.

These statistics are a little concerning, considering the token is subject to withdrawal restrictions.

The only option to resolve the concerns and avert a significant exploit is to fork the entire token, which is nearly impossible to achieve in the absence of complete community decentralization or a token with a limited capitalization and number of holders.

One of the most effective strategies of enticing individuals to invest is to pay them 6% on each transaction. SHIBT has a 10 billion unit supply. Some 4 billion have been burned, and holders will earn 6% on each transaction, according to the cryptocurrency’s whitepaper, which was issued in January.

On Twitter, the SHIBT coin’s official page has surpassed 19,000 followers. Meanwhile, the coin refers to itself in a post as a Shiba Inu (SHIB) and Floki Inu (FLOKI) “killer.”

Featured image from YouTube, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.