Shiba Inu community on alert for fake TREAT token

Shiba Inu team lead Shytoshi Kusama has criticized Crypto.com for promoting a fake TREAT token on its website. In a post warning users to beware, Shytoshi mentioned that TREAT, which would be the fourth coin in the Shiba Inu ecosystem, hasn’t launched yet.

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The Crypto.com article mistakenly reported that TREAT had been launched and even offered a link to the token. This attracted the attention of several people in the Shiba Inu community, who have already contacted the exchange to rectify the issue. However, Shytoshi also highlighted it to warn community members about the risks.

Correct. Sadly @cryptocom wrote about our TREAT token that is not yet launched, assuming incorrectly that it was.

Proceed with caution with this other Treat token (and many other spoofs that will inevitably be created to scam you). #DYOR https://t.co/bkSZVbSfOu— Shytoshi Kusama™ (@ShytoshiKusama) July 21, 2024

Shiba Inu’s TREAT token imitators emerge

TREAT is the latest addition to the Shiba Inu ecosystem, which already includes three tokens: SHIB, BONE, and LEASH. According to Shiba Inu’s pseudonymous founder, Ryoshi, this token would provide liquidity for the planned SHI stablecoin and replace BONE as the reward token for ShibSwap.

Although the token is still being developed, several imitators have emerged on popular crypto aggregators, including CoinMarketCap and CoinGecko. This has led to some confusion within the Shiba Inu community, but the key members have also been on alert to disclaim any fake token. Shiba Inu spokesperson Lucie debunked false reports that the TREAT token has been launched since last year, emphatically stating that “IT WASN’T.”

Meanwhile, Crypto.com has now rectified the error and removed the misleading URL. Some crypto data aggregators have also included caveats on the TREAT token listed on their platform to show that it is not affiliated with Shiba Inu. A caveat on Coingecko reads:

“This token is not affiliated with Shiba Inu not their upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.”

Following the disclaimers, the fake TREAT token, launched in February 2024, has fallen 12% in the last 24 hours, dropping to $0.0005878. It is already down 91% from its all-time high.

Community Calls for Binance to burn SHIB

Meanwhile, the Shiba Inu community has been trying to get Binance to burn SHIB tokens worth 1% of all SHIB daily transactions. A Shiba Inu influencer, Labib, recently created a Change.org petition for that purpose, which has 498 signatures out of the target 50,000.

Also Read: Shiba Inu coin price prediction 2024-2030: Is SHIB skyrocketing soon?

Calls for Binance to burn SHIB supply have been ongoing for some time now, with the SHIBARMY influencer Lola even calling on Binance CEO Richard Teng to do that. Many in the community believe the burn, which would help reduce the asset’s supply, could theoretically boost SHIB value. However, Binance has not made any commitment to that.