Scam Alert: Is Shiba Tron (SHIBT) A Scam Coin? PeckShield Detects Scam Around SHIBT Token
Shiba Tron token (SHIBT) has been a new addition to the fleet of Dog-themed meme coins. A few days ago, the SHIBT coin went on to jump by more than 1000% to grab the attention of the investors. However, PeckShield has dropped an alert among cryptocurrency enthusiasts regarding SHIBT.
Is Shiba Tron a scam coin?
PeckShield has traced a possibility of a scam associated with the Shiba Tron token. They identified that only whitelisted users can sell and withdraw their tokens.
#SCAM PeckShield has detected that @ShibaTronToken$SHIBT (https://t.co/PXu2lansGB) is #honeypot! Only whitelisted users can sell. Stay away from tokens that have a lot of restrictions on transferring or selling! pic.twitter.com/sRN3sXiz8x
— PeckShieldAlert (@PeckShieldAlert) February 28, 2022
Whitelist refers to a list of cryptocurrency addresses that are considered trustworthy. The addresses on the Whitelist are the only ones that can withdraw funds from their exchange account.
As per the given data from BSCscan, SHIBT has over $53 million of total market capitalization with 5681 holders. The data reveals that there have been over 10,000 transaction done while still, some users are still engaging with coins. These stats are a little bit scary as the token have some withdrawal restriction.
The official page of the SHIBT coin has crossed 19 thousand followers on Twitter. Meanwhile, in a post, the coin calls itself a Shiba Inu (SHIB) and Floki Inu (FLOKI) killer.
https://twitter.com/ShibaTronToken/status/1497565932360634372
How to detect a scam coin?
PeckShield has recommended staying away from investing in these kinds of tokens. They have even dropped some illustrations to avoid a scam coin.
2/4 The deployer's funds directly or indirectly originated from @TornadoCash (meaning the deployer has no KYC) pic.twitter.com/h0Ps0L8OlN
— PeckShieldAlert (@PeckShieldAlert) February 28, 2022
4/4 The token has restrictions on selling (meaning the price is manipulated and investors may be trapped in a honeypot) pic.twitter.com/vsi1hFcxrA
— PeckShieldAlert (@PeckShieldAlert) February 28, 2022
SHIBT price’s zoom by 1224%
The Shiba Tron token has seen a jump of 1224% in the last 24 hours, as per Coinmarketcap. It is trading at an average price of $0.006003, at the press time. SHIBT has been trading with a 24-hour trading volume of $378,670 which is down by 37%.
SHIBA TRON calls itself a REAL community coin that is not controlled by a few people. It promises of mechanism specifically designed to avoid whales & bots. On the other hand, assures that old holders will earn $SHIBT on each transaction as 10% of each transaction will be redistributed among them.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
