Shiba Inu: CoinMarketCap finally responds to its recent mishap

Sahana Kiran
Shiba Inu

Last week, there was immense commotion in the Shiba Inu market. Both, the network as well as the SHIB Army were seen lashing out prominent crypto market researcher, CoinMarketCap [CMC]. While SHIB employs only the Ethereum chain, CMC had listed three fake SHIB contract addresses on its well-renowned website. Fearing the potential loss of funds, the Shiba Inu team reached out to CMC, however, they were overlooked. More recently, it was revealed that CMC finally got in touch with the devs at Shiba Inu.

In an elaborate release, Shib pointed out an array of things concerning the latest mishap. The network was seemingly glad that CMC had reached out to their devs. The release read,

“We are happy to announce, CoinMarketCap has reached out to our developer team and is in current discussions in regards to this, our most recent incident correlating to Wormhole contracts, to verify they are not from any malicious sources.

Our internal Breeds are responding to multiple communication channels, to sure everyone is informed and oriented in a positive manner. “

It can be noted that the main concern of the SHIB network was its community pouring their funds into fake contracts. The legitimacy of the three other addresses, Binance Smart Chain, Solana, and Terra was unknown. Therefore, the network was urging CMC to take them down.

Shiba Inu

However, CMC went on to display the fact that “non-ETH contract addresses on this page are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this asset.”

Furthermore, the Shiba Inu network indicated that they were well aware of wormhole addresses. But, the risks and security vulnerabilities associated with them outshined the advantages.

Regardless, the network did not have any beef with wormhole addresses or cross-chain innovation as such.

What Shiba Inu wants from CoinMarketCap

All that the network yearned for from CMC was “transparency”. Calling out CMC for its poor level of transparency as well as communication skills, the network listed a number of factors that would dent the growth of any token.

Despite following the existing method of communication through CMC’s ticketed support system, the network would be disappointed due to the data aggregator’s limited or nonexistent response. It was also revealed that Shiba Inu has been reaching out to CMC for the past 8 months over different issues. The response was reportedly always the same, “limited, inadequate, or nonexistent.”

Further alerting the community, the network pointed out that all their tokens were ERC20.

At the time of publishing, Shiba Inu was trading at $0.00002793 and is down -3.05% in the 24-hours day trade.