The token is named after Shiba Inu 2021’s surprising success. It has virtually no value. The bogus token was discovered early, so Shiba Tron wasn’t able to deceive other users.
Shiba Tron, (SHIBT), is a brand new meme currency featuring dogs. A few days ago, the SHIBT coin soared by more than 1,000%, capturing investors’ interest.
PeckShield has, however, issued an advisory to crypto enthusiasts regarding SHIBT. According to PeckShield, the contract contains a code block that limits token sales to individuals on whitelist.
Addresses that were issued tokens, but not added to the whitelist, will not be allowed to send money.
Shiba Tron: Beware
PeckShieldAlert tweeted about the token, with an image of code. The renowned Blockchain Security Group also stated that Shiba Tron was a fraud.
The term “whitelist” refers to a list of bitcoin addresses that are deemed reliable. Only those addresses on the Whitelist can withdraw money from an exchange account.
PeckShield recommends avoiding tokens or coins that restrict users’ capacity to sell, transfer, or conduct transactions using their own cash.
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The daily market capitalization of crypto assets is $1.901 trillion | Source: TradingView.com
A lot of producers will launch token sales. They then issue tokens and restrict the access to specific wallets.
PeckShield claimed that Shiba Tron was using a honeypot scheme to get investors to invest. The user who invests will get their SHIBT tokens, but they will not be transferable or sold.
Heavy Transaction Volume
SHIBT’s total market capitalization is more than $53million according to BSCScan statistics. 5,681 investors are involved. This data shows that there have been over 10,000 transactions and that users continue to interact with SHIBT.
These are concerning statistics, given that the token can be withdrawn only with restrictions.
In order to address the issues and avoid a serious exploit, the only way to fix them is to fork all the tokens.
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The best way to convince people to invest is by paying them 6% for each transaction. SHIBT’s total supply is 10 billion. Some 4 billion have been burned, and holders will earn 6% on each transaction, according to the cryptocurrency’s whitepaper, which was issued in January.
On Twitter, the SHIBT coin’s official page has surpassed 19,000 followers. Meanwhile, the coin refers to itself in a post as a Shiba Inu (SHIB) and Floki Inu (FLOKI) “killer.”
Featured Image from YouTube. Chart by TradingView.com