Popular dog-themed cryptocurrency Shiba Inu (SHIB) experienced a rollercoaster ride in March. As the token surges a staggering 139% during the month, the Shiba Inu community faces a new threat: scams lurking in paid promotions.
Soaring Shiba Inu attracts questionable activity
SHIB’s impressive growth, reaching $0.000045 in early March, has unfortunately attracted unwanted attention. Shibarmy Scam Alerts, a community watchdog, has issued a critical warning regarding deceptive promotions. Scammers are taking advantage of SHIB’s popularity by creating fake investment opportunities, particularly in paid articles on platforms like Yahoo. These promotions often go after unsuspecting investors by falsely claiming to be affiliated with the Shiba Inu ecosystem.
The Shiba Inu community is advised to exercise extreme caution and conduct thorough due diligence before participating in any promotions, especially those that require financial commitment. To avoid falling victim to these elaborate schemes, always verify information through the official SHIB website. Remember, if an offer seems too good to be true, it probably is.
Impressive gains attracted attention
Despite the increase in scams, March was a positive month for SHIB. CoinGecko data reveals a significant 139% increase in value, indicating renewed interest from investors. SHIB started the month at approximately $0.0000125 and soon experienced a dramatic increase of over 300%. This impressive rally pushed SHIB to 11th place in the crypto rankings, with a market cap of $18.05 billion at its peak.
Although the price has retreated slightly, SHIB remains significantly above its March opening price. At the time of writing, SHIB is currently trading around $0.0000306, up over 2% in the last 24 hours and around 9% for the week. The Shiba Inu community is celebrating these impressive gains and predicting what the token’s future will bring.
Analyst expects rally
Well-known crypto trader Captain Faibik believes that SHIB is ready for another significant rally. His analysis suggests the ascending triangle formation, a bullish indicator known for the formation of higher lows. This, combined with the large portion of addresses currently holding SHIB at profitable levels, suggests there is potential for further price gains.
While SHIB remains below its all-time high, the recent rise and analyst forecasts paint an optimistic picture. But the community needs to be wary of scams aimed at exploiting its enthusiasm. The Shiba Inu community is navigating the crypto world by being careful and verifying information.
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