Shiba Tron, The Shiba Inu And Floki Inu ‘Killer’ That Soared 1,000%, Is A Potential Scam

Christian Encila

Last Updated: March 2, 2022 12:32 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

This token, named after the surprising hit of 2021, Shiba Inu, has almost no value. Fortunately, the bogus token was spotted early on, preventing Shiba Tron from duping other users.

Shiba Tron (SHIBT) is a new addition to the growing pack of meme currencies featuring dogs. A few days ago, the SHIBT coin soared by more than 1,000%, capturing investors’ interest.

PeckShield, on the other hand, has issued a warning to cryptocurrency aficionados regarding SHIBT. The contract, according to the blockchain security firm, has a piece of code that restricts token sales to whitelisted individuals.

Wallet addresses that have been issued tokens but have not yet been added to the whitelist will be unable to send funds.

Beware Of Shiba Tron

PeckShieldAlert mentioned the token in a tweet, along with an image of a code. Additionally, the renowned blockchain security group stated that Shiba Tron is a fraud.

The term “whitelist” refers to a list of bitcoin addresses that are deemed reliable. Only addresses listed on the Whitelist have the ability to withdraw funds from their exchange account.

PeckShield recommends avoiding tokens or coins that restrict users’ capacity to sell, transfer, or conduct transactions using their own cash.

Total crypto market cap at $1.901 trillion in the daily chart | Source: TradingView.com

Quite frequently, producers launch token sales, issue tokens, and then restrict access to certain wallets to exchanges.

PeckShield said Shiba Tron is operating a honeypot scam to entice investors to invest in the cryptocurrency. After investing, the user will receive their SHIBT tokens but will be unable to transfer or sell them.

Heavy Transaction Volume

According to statistics from BSCScan, SHIBT has a total market capitalization of more than $53 million and 5,681 investors. The data indicates that over 10,000 transactions have occurred, and some users are still interacting with the coin.

These statistics are a little concerning, considering the token is subject to withdrawal restrictions.

The only option to resolve the concerns and avert a significant exploit is to fork the entire token, which is nearly impossible to achieve in the absence of complete community decentralization or a token with a limited capitalization and number of holders.

One of the most effective strategies of enticing individuals to invest is to pay them 6% on each transaction. SHIBT has a 10 billion unit supply. 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 from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.