A fake cryptocurrency called “Shiba” (ticker SHIBA) has inexplicably pumped nearly 200% in the last 24 hours, rising to around $0.000000003 according to CoinMarketCap. However, this coin has absolutely no association with the popular and legitimate Shiba Inu meme coin.
This sham coin first launched in late September 2022. It rose to an all-time high of $0.0000000076 on October 9th before crashing 300% the very next day back down to $0.000000002. This extreme volatility is a huge red flag that should keep investors far away.
Despite no real trading volume, community or technology behind it, SHIBA coin is currently among the top gainers on CoinMarketCap and Binance. Of course, this scam is not actually listed on Binance or any other major exchange. Its latest pump seems driven purely by hype and speculation around the Shiba Inu name.
The coin previously rose in the first week of October according to CMC data, likely due to inexperienced traders confusing it with the real SHIB. This shows the deceitful intent behind the coin’s creators.
However, what goes up fast can come down even faster. The 300% single day crash on October 10th highlights the extreme risks of touching this toxic coin. As profit taking inevitably sets in after the latest pump, SHIBA coin could easily crash to zero.
In summary, stay far away from this fake Shiba Inu coin scam. While meme coin manias can produce short term profits for some, fakes like SHIBA are purely speculative pump and dumps designed to steal money from unwitting investors. Don’t be fooled by the name – the likelihood of losing everything is extremely high here. Steer clear of this sham coin.
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