A public notice was posted earlier this week to the official Twitter account (NYSE:) to warn potential investors about fraudulent activity across social media platforms. Here’s how the announcement appeared on social media.

This tweet embeds the written message as a 50 second video. You can find the bulk of this message below.

“We have been alerted to a scam that has taken place in the travel industry.” [on]Social media and other communication channels. The fake SHIBA Telegram group has been shared on social media. These scammers pretend to be officials and make up fake accounts. It is not a ‘SHIBA BREAKING NEWS!! It’s a BIG EVENT! SHIBA does not offer an airdrop SHIBA bonuses are not available! SHIBA is not a giveaway SHIBA does not offer any gift internationally.
Since bad actors assume new entrants to crypto-spheres will be drawn to popular projects such as Floki Inu or Shiba Inu, scammers and attackers often target high profile meme tokens. This makes them more vulnerable to fraud.

Few crypto projects are getting the same amount of attention as Shiba in recent weeks. Especially when you consider that last week, Shiba’s user base officially surpassed the 1 million mark according to the Certik audit report posted on the Shiba Inu website. Additionally, Shiba’s following on Twitter has passed the 2 million mark – which is 10% more than the 1.8 million currently following the official account.

Regardless, the “Doge killer” could be a victim of its own success. At the time of writing SHIB was trading at $0.0000403, which is a 51% decline from its all-time high of $0.0000879 posted on Oct. 27, while it’s down 5.27% during the past 24 hours according to CoinMarketCap.

To The Flipside

• While meme coins can serve as inviting entry points for new crypto adopters, these one-dimensional projects can become a trap – offering low upside, underwhelming future development, and rising opportunity costs from other missed investments.

Why you should care

Encourage your family members and friends to avoid these types of projects as they can lead to big losses. With its $24 billion market capital, Shiba would need a massive price rise to reach $2.4 trillion. When you consider the current entirety of the crypto-universe is $2.6 trillion – including Shiba – there’s mathematically no way it will see those multiples again anytime soon.

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