Is Shiba Inu coin a scam or legit?
Shiba Inu coin has been touted as the next Dogecoin to make you rich. But is it a scam?
I’ve tried really hard to make this Shiba Inu guide as impartial as possible.
But when straight up asked if the project is a scam or legit, there’s just no way I can sugarcoat my response.
Yes, Shiba Inu coin is a scam and is in no way a legitimate crypto project.
Let’s explore the key themes around why this is the case.
Shiba Inu coin lacks fundamentals
That’s right, Shiba Inu coin doesn’t actually do anything.
It’s a meme coin with no fundamentals behind the project other than being yet another centralised shitcoin with questionable tokenomics.
The coin’s fun dog logo is designed to lure in normies with zero knowledge of the tech behind the project, in order to pump price for early investors.
If that sounds ponzi-esque to you, then you’d be correct.
While there’s no doubting that people have and will make money buying/selling Shiba Inu coin at the most opportune times, this still makes it the definition of a scam.
No doubt Shiba Inu supporters will argue that Bitcoin sees the same wealth transfer from dumb to smart money, but the difference is token utility.
Bitcoin is the most secure, decentralised computer network in the world and has become the premier alternative asset to use as a store of value.
Shiba Inu coin has a cute dog logo.
Enough said on that comparison.
ShibaSwap is a rug pull waiting to happen
While the decentralised exchange ShibaSwap was meant to add functionality to the Shiba Inu coin ecosystem, it has only raised more questions.
As we’ve previously discussed within this guide to Shiba Inu, even though the team updated the contract to a multi-signature account, requiring multiple owners to agree on a transaction before it can be executed, there’s no way to say that those accounts aren’t still under the control of a single team member.
The entire ShibaSwap platform just reeks of a scam waiting to happen in the form of a rug pull from the anonymous team.
Most of those controlling accounts are brand new, with zero transactions completed, making them simply sockpuppets.
There are so many other awesome crypto projects to invest in and other decentralised exchanges to seek yield.
Why anyone would place their trust in Shiba Inu coin, I have no idea.
Shiba Inu coin is a scam
With questionable tokenomics and zero fundamentals other than a decentralised exchange which is primed for a rug pull from the anonymous team, I can’t call it anything else.
There is simply no other way to put it:
Shiba Inu coin is a scam!
You would be wise avoid like the plague and dump whatever you have into literally anything else.
You can’t say you don’t have options.
Best of probabilities to you.
Direct from the desk of Dane Williams.
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