This ‘scam’ Shiba Inu variant that spiked 1100% in a day; Red Flags?

Lavina Daryanani
Source: Twitter

Technology comes with its own pros and cons. Apart from easing the lives of the common man and providing simple solutions to age-old existing problems, tech is prone to malfunctions and attacks. Savvy people, more often than not, take advantage of the flaws and defects by executing attacks for their own personal gains at the cost of other users of the underlying technology.

As blockchain tech is gradually becoming mainstream, the number of hacks in the ecosystem has parallelly been on the rise. Exchanges like, blockchain networks like Solana, and NFT marketplaces like OpenSea have all been subjected to notable attacks over the past one-and-a-half months.

The ‘Shib Inu’ branded scam

In what is the latest development, real-time alerting platform PeckShield brought to light that SHIBA TRON [SHIBT] token is a “honeypot.” As per the blockchain security firm, a particular part of the code only allows whitelisted users to sell the token. Wallet addresses that possess tokens but haven’t made a cut into the list aren’t able to transfer funds.

PeckShield further recommended staying away from tokens or coins that limit users’ ability to sell, transfer or make operations with their own funds.

SHIBT’s recent pumps

SHIBA TRON, the #3524 ranked crypto had been gaining a lot of traction of late, thanks to its outrageous pumps. The token’s official Twitter handle quite recently brought to light that the Shiba Inu and Floki “killer” had surpassed $1M in its daily trading volume on 26 February. In fact, SHIBT has been making the largest gainers list on almost a daily basis over the last couple of days.

Additionally, on Monday it was noted that this Shiba Inu variant was on 14,032 watchlists on CoinMarketCap.

As far as tokenomics are concerned, SHIBT has more than 5.6k HODLers and over 10k token transfers have already occurred. Data from BscScan brought to light the same.

Source: BscScan

Given the fact that HODLers aren’t able to sell their tokens, SHIBT’s price has been able to continually make northbound strides of late. However, it should be borne in mind that such meme-tokens are susceptible to dumps of equal magnitudes.

At the time of press, this token was seen exchanging hands at $0.005366 after registering an astronomical daily gain of almost 1100%.