thecryptobasic.com
Susbarium, the Shiba Inu community-driven scam alert channel, issues a new warning, distancing SHIB from the newly launched cat-themed memecoin Shiro Neko (SHIRO).
The controversy surrounding Shiba Inu’s relationship with Shiro Neko continues to gain momentum, with Susbarium adding a new twist.
Expert Claims Shiba Inu Is Backing Shiro Neko, But Susbarium Says Otherwise
Over the weekend, widely followed market observer Ash Crypto promoted SHIRO on X, linking Shiba Inu to the project. Ash claimed that Shiba Inu is backing the Shiro project, indicating that SHIRO has room for growth based on its market cap difference with SHIB.
The expert anticipated an upcoming bull cycle for memecoins, noting that SHIRO could emerge as one of the top beneficiaries. Despite promoting SHIRO, Ash issued a disclaimer, revealing that they have an advisory partnership with the token.
Ash’s post elicited reactions from the broader crypto community, with Susbarium correcting a misconception about Shiba Inu’s relationship with SHIRO.
According to Susbarium, Shiba Inu does not officially support nor back SHIRO. It suggested that even though top Shiba Inu influencers and the handler of SHIB’s official X account, @shibtoken, have promoted SHIRO, the developers of shib.io, the cryptocurrency’s website, have already distanced themselves from the cat-themed memecoin.
SHIB Is Not an X Account
Furthermore, the community-driven scam alert channel made clear that millions of SHIB holders do not back SHIRO. It also highlighted a distinction between the Shiba Inu project and @shibtoken, emphasizing that ‘SHIB is not an X account’.
🚨 WARNING: CLARIFICATION ON SHIB ASSOCIATION 🚨
There is no such thing as being “backed by Shib.”
This token was shilled by the owner of the X @shibtoken account and a group of Shib influencers.
The developers of https://t.co/aWuRJyHbhy have very clearly distanced themselves…
— Susbarium | Shibarium Trustwatch (@susbarium) December 14, 2024
This suggests that information emanating from @shibtoken does not represent the views of the entire Shiba Inu ecosystem. Hence, @shibtoken’s endorsement of SHIRO or any other project does not imply that Shiba Inu backs them.
Shiro Neko’s Controversial Relationship with Shiba Inu
For context, the relationship between Shiba Inu and Shiro Neko has been marred with controversy. Shiro Neko made its presence known to the Shiba Inu community after it initiated a massive burn of 5.58 billion SHIB in a single transaction on October 31. Afterward, it requested to form an alliance with Shiba Inu.
However, Susbarium warned the community to be cautious when interacting with SHIRO, advising investors to only invest in the token after conducting due diligence.
A month later, @shibtoken promoted Shiro Neko on its account, indicating that the project has collaborated with Shiba Inu for a dual-staking initiative.
The staking exercise, which involves staking SHIRO to earn SHIB and vice versa, went live after the token’s December 2 launch.
Despite @shibtoken’s promotion, Shiba Inu’s leader, Shytoshi Kusama, still denied affiliations with Shiro Neko. He issued the clarification after some community members taunted him about SHIRO’s legitimacy, given Susbarium’s warning about the project.
At press time, SHIRO is trading at $0.0000003843, with its market cap standing at $384.02 million. The token is down 56.47% from its all-time high (ATH) of $0.0000009038, registered on December 2.
On the other hand, SHIB is priced at $0.00002754. It is ranked as the 14th biggest cryptocurrency on CoinMarketCap and is valued at $16.23 billion.