Shiba Inu lead developer Shytoshi Kusama confirmed updates in the development of algorithmic stablecoins SHI and TREAT. The new reward token and stablecoin of the Shiba Inu ecosystem will be released soon. However, fake cryptocurrencies that can be mistaken as SHI or TREAT are making a round of the market.
Shiba Inu community member warns of fake SHI, TREAT
On Discord, a Shiba Inu community member nicknamed Firstword98 has revealed that malicious actors are issuing fake SHIB ecosystem tokens. Shiba Inu’s development team is currently working on stablecoin SHI and reward token TREAT. Meanwhile, projects completely unrelated to the Shiba Inu ecosystem are spinning around. The Shiba community mistakenly buys these fake tokens instead of SHI or TREAT.
Below is a list of tokens with names similar to SHI, TREAT, and other Shiba Inu ecosystem tokens.
Shiba community, note that Shiba Inu’s developers have not yet released SHI or TREAT. Therefore, any airdrop claim is malicious or fraudulent. Projects hoping to capitalize on the popularity of the Shiba Inu ecosystem are reportedly starting to circulate their tokens in hopes of exchanging SHIB or other cryptocurrencies.
SHI and TREAT are currently in development. The Shiba team will announce the launch of these tokens when they are available for purchase, airdrop or distribution to ShibArmy members.
SHIB x RICHMOND partnership
ShibArmy members are waiting for the SHIB x RICHMOND clothing line. Dripto.com, a San Francisco-based streetwear store, announced that the brand will combine streetwear culture with crypto technology. Shiba is currently used as a payment method on Dripto.com. At the same time, SHIB is currently open to purchase sports shoes and apparel. The platform added real-world utility to the meme coin earlier this month. As Kriptokoin.com, we have discussed the details in this article.
If that happens the Shiba Inu will get the bulls back into action
SHIB price is currently trading at $0.0000113. Meanwhile, the bears are stretching their control over the Shiba. The bears have forced a second retest of the $0.00001000 consolidation zone amid a 70% bull run for SHIB price. The triangle break on July 11 did not help Shiba recover.
If the Shiba price can close at $0.00001190, the 9th July high, the bulls will aim for $0.00001700. This setup, shared by analyst Tony Montpeirous, represents a 70% increase from the current SHIB price. However, bulls outside the market should be careful when entering the market for an unnecessary loss. If market conditions continue, a liquidity hunt targeting $0.00000950 is a reasonable scenario.
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