PEPE and SHIB hit 30-day low due to scam and security concerns

• Scams in the cryptocurrency sector have negatively impacted meme coins SHIB and PEPE.
• Shibarium tech team warns against “Pawswap” project, labeling it a potential scam.
• Pepe Coin’s Telegram channel compromised, damaging the coin’s credibility and value.

The prevalence of scams in the cryptocurrency sector has escalated, affecting meme coins such as Shiba Inu and Pepe . In particular, the Shibarium network of SHIB and the Telegram group of PEPE have encountered numerous problems, resulting in negative market sentiment for both. Furthermore, these events have led both digital currencies to reach their lowest levels in 30 days, heightening the need for investor vigilance.

Shibarium Hit Hard by Scam Allegations

Recently, Digarch, a key member of the Shibarium technology team, underscored a cautionary note from Shibarium tech administrator DaVinci. The warning pertained to a project called “Pawswap,” allegedly financing assaults on the Shibarium network. As a result, DaVinci advised the community to steer clear of the project, labeling it a “Scam or Shitcoin.”

Nonetheless, Digarch clarified that Pawswap and Pawzone are separate entities, with the latter being a legitimate project. Importantly, Pawzone is the driving force behind the soon-to-be-launched NFT marketplace, Pawzaar, which is set to debut on Shibarium.

Concurrently, a different participant on the social network X challenged the fraud accusations. They highlighted that the blockchain security company Certik had granted Pawswap a silver KYC badge, instilling trust in prospective investors.

Pepe’s Telegram Hack Further Complicates Matters

The ongoing market volatility recently compromised Pepe Coin’s Telegram channel. Consequently, an unauthorized individual, known as “lordkeklol,” gained control of the channel. This person started endorsing fraudulent schemes and other cryptocurrency projects, damaging the coin’s credibility.

Furthermore, the team behind Pepe appealed to the community to report this account, promising that all future updates will be solely disseminated through their official X account.

Remarkably, the PEPE coin has previously experienced internal disagreements and significant token theft. Over 16 trillion PEPE tokens were illicitly acquired and transferred into different centralized exchanges. Consequently, the trading volume experienced a nearly 19% decrease, sparking concerns of additional downturns.

Market Responses and the Sentiment of Investors

Despite the lack of conclusive evidence regarding the scam accusations and security concerns, they have significantly influenced market trends. Shiba Inu’s value has declined from a 24-hour peak of $0.000007418 to a 30-day trough of $0.000007207.

Likewise, the value of PEPE experienced a decrease from its intra-day peak of $0.0000007261 to a 30-day trough of $0.0000006785. As a result, these trends indicate a bearish outlook from investors.

The recent allegations of fraud and security issues related to SHIB and PEPE underscore the need for a thorough investigation. Shytoshi Kusama, the chief developer of Shibarium, has continually stressed the significance of conducting proper research, a viewpoint that seems more pertinent now than ever. Considering the volatile market environment, investors should exercise utmost prudence.