Shiba Inu holders beware! Fake SHI, TREAT have hit the market
- Shytoshi Kusama’s recent announcement shared updates on the development of stablecoin SHI and reward token TREAT.
- A Shiba Inu community member revealed that malicious actors had created crypto assets that can be mistaken as fake SHI or TREAT.
- Shiba Inu price is at a make or break point, and analysts predict a drop in the meme coin.
Shytoshi Kusama confirmed updates in the development of the algorithmic stablecoin SHI and TREAT. The incoming reward token of the Shiba Inu ecosystem and the stablecoin will launch soon, however, fake crypto tokens that can be mistaken as SHI or TREAT are doing the rounds.
Also read: Shiba Inu burn rate explodes as 205.6 million SHIB tokens are destroyed
Shiba Inu community member warns of fake SHI, TREAT
A Shiba Inu community member, identified as Firstword98 on Discord, revealed that malicious actors had created crypto assets that can be easily mistaken as the ones developed by the SHIB team.
Shiba Inu’s development team is currently working on stablecoin SHI and reward token TREAT. Projects entirely unrelated to the Shiba Inu ecosystem are doing the rounds, and ShibArmy members may mistake it for SHI or TREAT.
Following is the list of tokens with names similar to SHI, TREAT and other Shiba Inu ecosystem tokens.
Names of tokens similar to SHI and TREAT
ShibArmy members need to take note of the fact that Shiba Inu’s developers have not deployed SHI or TREAT yet; therefore, any claims of airdrops are malicious or fake. Projects hoping to ride on the popularity of the Shiba Inu ecosystem have reportedly started circulating their tokens in hopes of gathering SHIB or other cryptocurrencies in exchange.
SHI and TREAT are currently under development, and Shiba Inu will announce the launch of these tokens once they are available for purchase, airdropped or distributed to ShibArmy members.
SHIB apparel line could launch soon
ShibArmy members are anticipating the SHIB x RICHMOND clothing line. A San Francisco-based streetwear shop Dripto.com announced that the brand would merge streetwear culture with crypto technology.
Shiba Inu has been added as a payment method at Dripto.com, and the SHIB tokens can be used to purchase sneakers and apparel. The marketplace added real-world utility to the meme coin earlier this month.
Shiba Inu price could make a bullish move if this happens
Analysts have evaluated the Shiba Inu price chart and identify signs that indicate a bullish trend reversal in the meme coin. For more information, key price levels and targets, check this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
