Critical Shiba Inu (SHIB) Warning: Here’s the Latest Threat

The SHIB Army, the collective term for Shiba Inu holders, supporters, traders, and enthusiasts, has once again found itself in the crosshairs of scammers.

Such schemes can lead to painful losses, so here’s how users can protect themselves.

‘This is a Drainer’

Recently, an X account falsely claimed a Shiba Inu airdrop was “back,” telling users they were eligible for the dubious campaign after they completed a supposed wallet verification check. The mysterious person or entity also provided a link, but people should not click it, as it was flagged as a scam.

Long-time Shiba Inu community member Marzael.shib warned that no such token distribution exists, calling the development “a drainer.”  “They are flooding the timeline; recommend not clicking and report,” they added.

The X account BSCN also sounded the alarm on the matter. The team said the real danger comes when users connect their wallets and sign malicious approvals.

“Those permissions can allow scammers to transfer tokens without stealing a victim’s password,” the warning reads.

The popular meme coin boasts a vast and devoted community, making it a frequent target for scammers. Earlier this year, Shibarium Trustwatch (an X account dedicated to warning Shiba Inu users about potential threats) warned about numerous fraud attempts involving the SOU NFT.

Its team clarified that users will never receive the non-fungible token in question, and that eligible users can claim it only through Shiba Inu’s official website.

“Do not click on shared, shortened, or copied links. Scammers often create fake websites that look identical to the real one in order to steal funds. Always type the official address directly into your browser and verify you are on the correct domain before connecting your wallet. Never share your private keys or seed phrase with anyone under any circumstances,” it added.

Prior to that, the same X account warned that bad actors created a malicious website impersonating Shiba Inu’s official platform. The fake site includes “special” promotions and false claims of collaborations and presale bonuses, designed to lure people into connecting their wallets.

SHIB Price Outlook

The meme coin’s price has plunged by nearly 12% over the past week. However, the main reason for the drop appears to be the overall decline in the cryptocurrency market during that period, not the scam warning that could have spread panic across the community.

As of this writing, SHIB trades around $0.000005163 (per CoinGecko), down 95% from its late-2021 all-time high. Analysts have been relatively silent on the token lately, yet certain technical indicators may help traders identify the next potential move.

Today (October 13), Shiba Inu coins stored on crypto exchanges fell to a near one-month low of roughly 87.2 trillion. This can be interpreted as a bullish signal since it reduces immediate selling pressure.