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- A prominent Shiba Inu community page has cautioned investors about Female SHIB ($SHEB), a project mimicking SHIB’s DN404 token, SHEboshi.
- Despite its focus on empowering women in crypto, Female SHIB has drawn criticism for using a similar name and ticker as the SHEboshi token.
ShibArmy Scam Alerts, a prominent community-driven page dedicated to exposing scams targeting Shiba Inu (SHIB), has raised concerns about a deceptive project mimicking Shiba Inu’s DN404 token, SHEboshi.
The project in question, Female SHIB (SHEB), has drawn attention due to its misleading branding. Moreover, it is seen as an attempt to confuse investors within the SHIB ecosystem.
Shiba Inu Investors Should Stay Away From Female SHIB
In their latest warning, ShibArmy Scam Alerts cautioned Shiba Inu community members about the potential risks associated with Female SHIB. Sharing a post on X, ShibArmy Scam Alerts wrote:
Female Shib ($SHEB) has publicly stated on their X account that they are not affiliated with Shibarium. Despite this, we must emphasize that this project has no connection to the official SHIB ecosystem.
In addition, the use of the name “SHEBOSHI” and the ticker “SHEB” has been particularly criticized, with ShibArmy Scam Alerts calling the practice “blatantly misleading.” They have expressed concern about Female SHIB’s choice of branding, suggesting that it could easily mislead less-informed investors.
Hence, ShibArmy Scam Alerts believes that if the Female SHIB project aimed to be legitimate, it should have distanced itself from the well-established SHIB brand. “If their intent was to create a unique and genuine project, they should have done so without attempting to confuse or mislead our community,” the ShibArmy Scam Alerts team added.
A Brief Look At Female SHIB
The Female SHIB meme coin project, launched earlier this year, claims to focus on empowering women within the crypto domain. Recently, it has shown an impressive performance. At the time of writing, Female SHIB had a market capitalization of $95,400. Moreover, its token traded at $0.0000002267, gaining 2.94% on Uniswap under the SHEB/WETH pair.
However, its decision to use the same ticker as the SHEboshi token, which forms part of the Shiba Inu ecosystem, has raised doubts. It seems to have been capitalizing on SHEboshi’s popularity. For further context, SHEboshi, a DN404 token utilizing both ERC-20 and ERC-721 standards, was launched earlier this year. At the time, it gained significant attention when it sold out quickly upon release.
Though Female SHIB has clarified it has no connection to Shibarium, the Shiba Inu community remains wary. Thus, ShibArmy Scam Alerts encouraged investors to exercise caution and to thoroughly research projects before investing. They wrote, “As always, please DYOR (Do Your Own Research) and verify any project through trusted, official channels. Stay vigilant and keep your assets safe!”
The Shiba Inu (SHIB) price is up by 12.1% in the last 24 hours trading at $0.00001712 with its market cap crossing $10 billion. The daily trading volume for Shiba Inu has surged by 184% to more than $725 million. Per the CNF report, the SHIB price is preparing for a 238% rally in October.
