The Shiba Inu development team recently issued a critical warning to the SHIB Army, its dedicated community, regarding the emergence of fraudulent tokens impersonating legitimate Sheboshi (SHEB) tokens.
Sheboshis, launched in late February 2024, has garnered significant interest in the crypto space. However, the fake SHEB token has emerged as a growing threat to unsuspecting investors.
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“A crucial difference to understand: SHEB does not have any zeros,” insisted Lucie, a Shiba Inu team member, in a social media post on X “Be informed and cautious.”
Warning:Please understand the crucial difference: $SHEB does not have any zeros. Be informed and cautious.
Shiba Ecosystem: @sheboshis will have breeding utility with #Shiboshis.
Puppies will be probably dn404, right?! 👀 pic.twitter.com/MDGqyuYlLX
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) April 7, 2024
Lucie emphasized the clear distinction in price points between genuine SHEB tokens and their fraudulent counterparts. A screenshot accompanying the post showcased a real SHEB associated with the Shiba Inu ecosystem trading at a three-digit value (around $255 at the time of writing, according to data from CoinMarketCap), while the fake SHEB displayed a price tag with five zeros, translating to a fraction of a cent.
Sheboshis represents a novel concept within the NFT landscape. Utilizing the DN404 standard, they bridge the gap between traditional NFTs and fungible tokens. This innovative approach allows Sheboshis to offer the unique characteristics of NFTs alongside the divisibility and tradability associated with fungible tokens like ERC-20 tokens. In essence, Sheboshis enables both fractional ownership and increased liquidity within the NFT market.
Shibarium Blockchain Surpasses Key Milestones
Beyond the security alert, the Shiba Inu ecosystem recently celebrated a significant achievement with its Layer 2 blockchain platform, Shibarium. As reported last month by Times Tabloid, According to Shibariumscan, a block explorer for Shibarium, the platform has exceeded 4 million blocks and processed over 413 million transactions with 75,800 daily transactions.
This milestone signifies the growing adoption of Shibarium. The platform currently boasts over 1.39 million unique wallet addresses and fosters a thriving ecosystem of decentralized applications (dApps).
The co-existence of the Sheboshi token scam warning and the news of Shibarium’s success highlights the dynamic nature of the Shiba Inu project. While the development team remains vigilant in safeguarding the community from fraudulent activity, Shibarium’s progress underscores the ongoing innovation within the Shiba Inu ecosystem.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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Identifying Fake Sheboshi Tokens
In summary, to steer clear of fake Sheboshi tokens, investors should be extra cautious and conduct their due diligence before investing. Shib army should always verify the official Sheboshi token contract address, confirm the price (real SHEB won’t have zeros), research the seller’s reputation, and stay informed via official Shiba Inu channels.
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