The dog-themed cryptocurrency Shiba Inu (SHIB) is currently facing selling pressure, mirroring the general downturn in the rest of the crypto market. SHIB’s price has witnessed a decrease over the last 24 hours, continuing a trend of decline that has been observed over the past week.
At press time, Shiba Inu’s price was showing a decrease of 1.53% in the last 24 hours, with its value standing at $0.00001262, as per data from CoinMarketCap. This marks the fourth consecutive day of drop for SHIB since it achieved its peak value of $0.00001567 on March 26.
This downtrend in crypto coins comes amidst a period of turmoil in the stock market, brought on by concerns over macroeconomic issues. Friday’s release of inflation data that surpassed expectations has sparked a sell-off that continued throughout the weekend.
It is also likely that profit-taking contributed to the drop in Shiba Inu’s price, which had seen a rally for five straight days from March 22 to 26. This recent downtrend in SHIB’s price has eliminated the gains made over the past week, with the currency down by 2.42% over the last seven days.
In the midst of this downturn, a crucial warning has been issued to the Shiba Inu community regarding a phishing scam that is targeting cryptocurrency users. Susbarium, a Shiba Inu-focused account dedicated to uncovering scams and protecting the crypto community, reported that it had been made aware of a phishing scam that involves scammers sending fake messages to users, warning them about suspicious activity on their accounts.
The scam involves the user receiving a message that purports to be from Binance, informing them of a new device being registered to their account. The victim is then asked to call a specific number to “secure” their account. Susbarium has clarified that this is a phishing attempt aimed at stealing personal data and crypto assets, and it strongly advises users not to respond or share any information with the scammers.
As a preventive measure, Susbarium is urging the Shiba Inu community to ignore and delete any suspicious messages or calls, report any scams to the local fraud or scam monitoring authorities, and spread awareness to help others avoid falling victim to such scams. Additionally, they recommend users to only connect with official channels to avoid scams. This is a timely reminder of the risks inherent in the rapidly evolving world of cryptocurrency, and the need for vigilance and caution.
