Shiba Inu (SHIB) Is Facing a Threat? Here’s What You Need to Know

Shiba Inu’s layer-two network, also known as Shibarium, is facing a threat from scammers associated with the Pawswap project. The information was brought to light by a prominent Shiba Inu administrator, known in the SHIB community as DaVinci, who explained that the scammers’ goal was to impersonate the legitimate project PawZone while spreading false information to undermine Shibarium and its user base.

This is the personal opinion of our @Shibariumtech admin DaVinci and #NFA. Remember, I’ve been sharing @PawZoneOfficial $Paw with you since it launched. @PawzaarOfficial is one of the features and will be one of the first #NFT marketplaces on #Shibarium to rival @opensea.… pic.twitter.com/Ya125SLH8J

— Digarch Stan | Summer Of Shibarium (@Digarch) September 10, 2023

The scam alert has raised concerns within the dedicated Shibarium community, leading to a response from another influential member.

They clarified that DaVinci’s statement is a personal opinion, not financial advice. Nevertheless, they expressed solidarity with fellow SHIB enthusiasts and reaffirmed previous support for PawZone (PAW). They also highlighted the upcoming feature, Pawzaar, as a pioneering NFT marketplace on Shibarium poised to compete with platforms like OpenSea.

According to the most recent data from DefiLlama, Shibarium currently has approximately $801,000 worth of assets locked in the platform. That represents a decline from its peak when Shiba Inu’s protocol held an impressive $1.47 million in total value locked just one week ago.

Shiba Inu Transaction Volume Surge

Despite the scam issue in the community, Shibarium has experienced an extraordinary surge in transaction volume over the past two days. Data from Shibariumscan reveals that transactions have more than doubled since the previous Thursday, skyrocketing from a high of 88,630 to a staggering 177,050 transactions in the last 24 hours alone. This surge pushed the total number of transactions through the blockchain during this period to a remarkable 420,000.

The sudden uptick in transactions has propelled Shibarium’s cumulative transaction count since its full launch at the end of August to a whopping 1.74 million, marking a significant milestone for the Shiba Inu ecosystem.

The project is currently progressing with ongoing development, and a notable recent milestone is the introduction of its layer-two network, named Shibarium. For comprehensive details, please refer to our latest video: