Shiba Inu Project Issues Warning: Beware of Telegram Group ‘ShibaSweepers’

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The Shiba Inu project team issued a warning about the Telegram Group ‘ShibaSweepers’. 

Shiba Inu (SHIB), a meme-inspired cryptocurrency that captured widespread attention in the crypto sphere, soared in popularity following a tweet by billionaire Elon Musk. However, Musk later clarified that his investments are confined to Bitcoin, Dogecoin, and Ethereum, explicitly distancing himself from SHIB amidst ongoing speculation.

On 7 July 2024, LUCIE, the marketing lead of the Shiba Inu project, shared a crucial advisory from a fellow member of the Shibarium team.

He suggested people from interacting with a Telegram group known as ‘ShibaSweepers’ or its admin.

This warning comes amidst concerns over potential risks associated with the group’s activities. 

The Shiba Inu project team advised the community to exercise caution and avoid engaging with ‘ShibaSweepers’ to protect their interests and investments.

Shiba Inu price action 

The current trading price of the Shiba Inu coin is 6.9% higher over the last 24 hours. The cryptocurrency’s price surged rapidly during this period, despite a significant dump under bearish sentiments prevailing in the entire crypto space.

Shiba Inu’s recovery is influenced by overall cryptocurrency market sentiment. Improved investor confidence and stable market conditions are boosting interest and trading in assets like SHIB.

Shibburn X reported burning over 18 million SHIB (18,092,299) in the past 24 hours, marking a 781.73% increase in the daily burn rate.

Reducing the supply of Shiba Inu tokens can drive up their price by making them scarcer. This happens because lower supply often increases demand and investor interest, potentially raising the token’s value.

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