Violet Vallaya
The Shiba Inu community, known for its fervent support and enthusiasm, has recently been rocked by a concerning development in the form of counterfeit Sheboshis. These tokens, which gained traction in the crypto market toward the end of February, have attracted considerable attention.
However, amid their rising popularity, a troubling trend of fake tokens posing as genuine Sheboshis has emerged, posing risks to investors and community members alike.
In response to this alarming situation, Lucie, a key member of the Shiba Inu team, took to Twitter to highlight the critical differences between authentic Sheboshi tokens and their fraudulent counterparts.
One key point Lucie noted was the pricing distinction between genuine SHEB tokens and the imposters. Genuine SHEB tokens are identified by their absence of zeros in the price. In contrast, fake SHEB tokens feature five zeros, making them substantially less valuable than the authentic three-digit priced SHEB tokens, which currently stand at around $276.
Lucie’s warning serves as a wake-up call for the SHIB community, urging them to remain discerning and informed in their investment decisions.
While speaking to The Shib Daily, she emphasized the importance of understanding the underlying token contracts and cautioned against relying solely on token names when making investment choices.
“Please note that Sheb is not just any token but DN404, with future utility. People should pay attention to the wording Sheb is not erc720 and also not to buy tokens based solely on names, but rather on the contract,” Lucie said.
“$SHEB – Token Contract 0x5dE869E3E62B0FB2c15573246BA3Bb3Fd97a2275. NFT 0x7b463415D67B013D5F1106fd3df048973BC214Dd”
This call for caution underscores the need for investors to conduct thorough research and due diligence before engaging with any token within the Shiba Inu ecosystem. In light of the proliferation of counterfeit tokens, community members must remain vigilant and verify the authenticity of tokens before making any investments.
