- The lead developer of Shiba Inu, Shytoshi, has issued a caution regarding a counterfeit TREAT token that was being promoted in an article on Crypto.com.
- Following the discovery of the error, Crypto.com exchange promptly took action by removing the link to the fraudulent token.
- In response to recent events, members of the Shiba Inu community have launched a petition calling on Binance to implement a daily burn of 1% of all SHIB trading fees.
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Shytoshi Kusama, the team lead of Shiba Inu, has expressed disapproval towards Crypto.com for endorsing a counterfeit TREAT token on its platform. In a cautionary message to users, Shytoshi highlighted that TREAT, intended to be the fourth coin within the Shiba Inu ecosystem, has not been officially released as of yet.
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The article on Crypto.com erroneously stated that TREAT had been released and provided a link to the token, prompting interest from members of the Shiba Inu community. As a result, individuals within the community have reached out to the exchange to address the error. Additionally, Shytoshi brought attention to the mistake as a cautionary measure for the community.
Imitators of Shiba Inu’s TREAT token emerges
TREAT represents the most recent addition to the Shiba Inu ecosystem, joining the ranks of the existing tokens: SHIB, BONE, and LEASH. The founder of Shiba Inu, known as Ryoshi, has indicated that this new token will play a crucial role in providing liquidity for the upcoming SHI stablecoin and will take over the role of BONE as the reward token for ShibSwap.
Despite being in the development phase, various copycat tokens have surfaced on well-known crypto platforms like CoinMarketCap and CoinGecko. This situation has caused some confusion among the Shiba Inu community members. However, the core team has been vigilant in clarifying any misinformation and dispelling rumors. Shiba Inu’s representative, Lucie, has refuted claims that the TREAT token was launched a year ago, firmly stating that such reports are inaccurate.
Crypto.com has since corrected the mistake and eliminated the inaccurate URL. Additionally, certain cryptocurrency data aggregators have added disclaimers regarding the TREAT token’s listing to clarify that it is not associated with Shiba Inu. One such disclaimer on Coingecko states:
“This token is not affiliated with Shiba Inu not their upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.”
After the disclaimers were issued, the counterfeit TREAT token, which was introduced in February 2024, experienced a 12% decrease in value within the past 24 hours, plummeting to $0.0005878. This represents a significant 91% decline from its peak value.
Community urges Binance to burn SHIB
Meanwhile, the Shiba Inu community has been urging Binance to burn SHIB tokens equivalent to 1% of all daily SHIB transactions. Shiba Inu influencer Labib recently launched a Change.org petition to support this initiative, which has gathered 498 signatures out of the 50,000 needed.
There have been persistent calls for Binance to burn SHIB tokens, with SHIBARMY influencer Lola even appealing to Binance CEO Richard Teng to take action. Many in the community believe that reducing the asset’s supply through a burn could theoretically increase SHIB’s value. However, Binance has not yet committed to this request.
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