With the growing popularity of meme coins, Shiba Inu and its investors have become targets of a new scam. Reports about a so-called LEASH token on the Solana network turned out to be false.
Status of LEASH Token in Shiba Inu Ecosystem
The LEASH token, which is part of the Shiba Inu ecosystem, was originally intended as a rebase token tied to the price of Dogecoin. However, this function was turned off and it now operates as a simple ERC-20 token. As of now, LEASH has a market cap of just over $9 million, making it the 1864th largest on CoinGecko. Its price has dropped by over 17% in the last day, now standing at $85.
Guidelines for Shiba Inu Investors
An X user dedicated to warning Shiba Inu investors stated that there is no official LEASH token on Solana. Any version of the token not listed on their site is a fake. Investors are strongly advised to use Shiba Inu’s official token portal to verify any claims related to their tokens and related networks.
Overview of Shiba Inu and LEASH
Shiba Inu, its investors, and all tokens within its ecosystem (SHIB, TREAT, BONE, and LEASH) are frequently targeted through similar fraud attempts due to their popularity. Shiba Inu is the second largest meme coin by market cap, despite an 11% retracement over the past month.
It is crucial for investors to remain vigilant and verify information sources, as the popularity of meme tokens attracts scammers.
