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Dog-themed cryptocurrency Shiba Inu (SHIB) is facing selling pressure alongside the rest of the crypto market, with its price decreasing in the last 24 hours.
At the time of writing, Shiba Inu was in red amid an extended sell-off since the past week. SHIB is currently down 1.53% in the last 24 hours to $0.00001262, according to CoinMarketCap, and is on track for its fourth day of drop since achieving highs of $0.00001567 on March 26.
Top coins fell to their lowest levels in at least a week as stock markets were roiled by macroeconomic concerns. The sell-off continued throughout the weekend following hotter-than-expected inflation data released on Friday.
Arman ShirinyanProfit-taking also likely contributed to the price drop after Shiba Inu rallied for five straight days between March 22 and 26. The recent movement in SHIB price has wiped off weekly gains, with SHIB down 2.42% in the last seven days.
Crucial warning issued
A crucial warning has been issued to the Shiba Inu community regarding a phishing scam targeting crypto users.
Tomiwabold OlajideSusbarium, a Shiba Inu-focused X account dedicated to uncovering scams and protecting the community, stated that it had been alerted to a phishing scam in which scammers send fake messages to users about suspicious account activity.
Susbarium offered an example of such: The user receives a message claiming to be from Binance, reporting that a new device has been registered. The message asks the victim to call a number to "secure" their account.
Susbarium stated that this was a phishing attempt designed to steal personal data and crypto assets and urged users not to call or share information.
As a precaution, Susbarium urges the Shiba Inu community to ignore and delete suspicious messages or calls, report scams to local fraud or scam monitoring authorities, and spread awareness to help others avoid falling victim. Lastly, they should only connect with official channels to avoid scams.
Vladislav Sopov
Dan Burgin