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HomeCryptocurrencyShiba Inu Dev Team Clarifies Situation with CoinMarketCap

Shiba Inu Dev Team Clarifies Situation with CoinMarketCap

The team behind the development of the Ethereum-based meme coin, Shiba Inu (SHIB), has stated that CoinMarketCap has communicated with its developers to resolve issues related to the three fake addresses on the popular crypto data aggregator page.

According to the team, CoinMarketCap decided to play the coin’s role in a centralized manner without making any attempt to present those addresses on the SHIB token page.

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Shibtoken tweeted, “Community Update — We are happy to announce, CoinMarketCap has reached out to our developer team and is in current discussions in regards to our most recent incident correlating to Wormhole contracts.”

Shiba Inu team said the incident occurred due to critical problems surrounding the poor level of transparency and willingness to work with cryptocurrency.

In the post, the team highlighted what CoinMarketCap should have done before deciding to put up Shiba Inu smart contract address on its platform.

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The release reads in part as follows:

“This covers the following range of processes: verifying, repairing, and assessing risk-oriented decisions that affect the token’s page, within their tracking platform, to orient changes without notice of verification processes.”

Shiba Inu team had earlier warned SHIB holders to avoid controversial SHIB smart contract addresses, stating that whoever sends funds to addresses on chains other than Ethereum may lose it forever.

The team clarified that any non-Ethereum address is, in fact, invalid since SHIB is an ERC-20 token.

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Also, the team had previously claimed that on several occasions, the crypto data aggregator showed a lack of prompt and full support:

“We have tried to reach out multiple times, respectfully, orienting our attention and professional approach in the mannerism of reachability that CoinMarketCap conveyed as the correct method of communication – via their ticketed support system. Yet each time, the response was limited or nonexistent.”


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.
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