The technical chart shows Shiba Inu (SHIB) to be currently strong bearish influence.
The Shiba Inu team warned about the potential scam surrounding the TREAT token, yet to be launched within the Shiba Inu ecosystem.

Historically, October has been a great month for Shiba Inu investors and the broader crypto market, popular in the crypto parlance as Uptober. During the bull run of October 21, Shiba Inu achieved an astonishing feat by skyrocketing 1,000% in just 30 days, hitting an all-time high of $0.00008616. This phenomenal surge lured in a wave of new investors and ignited considerable excitement.

The pressing question is whether Shiba Inu can replicate its October 2021 success in October 2023. Nevertheless, the current scenario differs from that of two years ago. Shiba Inu is currently navigating a broader bearish phase, and the meme coin phenomenon that fueled its popularity has evolved. During that earlier period, meme coins generated a powerful “fear of missing out” (FOMO) sentiment, enticing many investors.

Hence, the  FOMO phenomenon played a pivotal role in fueling the hype around Shiba Inu and Dogecoin, but that fervor has since waned. Presently, SHIB and DOGE are not experiencing the same level of buying interest. Looking back, their prices have witnessed a significant decline.

Shiba Inu introduced several initiatives such as ShibaSwap, ShibaEternity game, Welly’s Restaurant, John Richmond fashion, and Shibarium, but none of these developments have contributed to a sustained price increase for SHIB.

Also, the surge in the SHIB burn rate has done little to boost the Shiba Inu (SHIB) price. In summary, given the limited impact of these projects on SHIB’s price, the likelihood of a significant price spike in the near future appears slim.  It seems improbable that SHIB will recreate its October 2021 bull run in 2023, as the current market conditions do not appear conducive to such a resurgence.

Shiba Inu Team Issues Warning to SHIB Army

The official marketing expert from the SHIB developer team, known as Lucie, has taken to the X social media platform to issue a cautionary message to the Shiba Inu community, warning them about a significant scam threat. Another SHIB team member, Vet Kusama, echoed this warning by retweeting Lucie’s post and addressing the SHIB community with the same message on his personal profile. “Please give this announcement your full attention!” he tweeted.

Lucie offered a friendly reminder about the TREAT token within the Shiba Inu ecosystem, emphasizing that it has not been officially launched. She emphasized that anyone claiming otherwise is either spreading false information or attempting to scam the SHIB community.

Please take this announcement into consideration!#StaySafe #ShibArmy
Thanks @LucieSHIB https://t.co/p18vRYJZxE

— Vet KUSAMA (@vetkusama) October 13, 2023

In early September, Lucie had issued a similar warning when a surge of scammers attempted to distribute a fake TREAT token to the SHIB community. These fraudsters falsely asserted that the reward token within the Shiba Inu ecosystem was already available, luring users with a counterfeit TREAT contract address and illicitly accessing their funds as some SHIB holders connected their wallets and engaged with it.

As per the latest information from the Shibariumscan explorer, the Layer-2 blockchain developed for Shiba Inu and its associated ecosystem is experiencing rapid growth. During this week, the total number of completed transactions has exceeded 3,416,000. Additionally, the total count of generated blocks has surpassed 1,100,000 at the time of this report, and the number of active wallets stands at 1,253,941.

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Filed under: Bitcoin - @ October 13, 2023 7:02 pm