- Over 510 billion SHIB traded rapidly as market momentum increased.
- Shiba Inu developers warn users about unofficial tokens and scams.
Shiba Inu (SHIB) witnessed a rapid surge in price, drawing attention from traders and analysts. On May 1, 2025, SHIB reached a trading price of $0.00001358 after a 1.87% rise over the past 24 hours.
According to market data, over 510 billion SHIB were exchanged in minutes, contributing to a 24-hour trading volume of $169.64 million. Analysts reported a bullish technical setup, with the token crossing key resistance lines.
Source: TradingView
Charts showed that the $0.00001358 level had previously posed a strong resistance. As SHIB broke past it, the Relative Strength Index (RSI) hit 57.54, indicating sustained buying pressure.
Market watchers noted that demand continued to rise while the token neared overbought conditions. Traders have been advised to monitor volume closely and assess RSI trends before making short-term moves.
Official Ecosystem Warns of Fraudulent Token Claims
Shiba Inu’s security unit, Shibarium Trustwatch, warned the community in response to increasing scams. The group flagged several unofficial tokens falsely claiming to be affiliated with SHIB. These tokens have been reported as misleading and unauthorized.
The Trustwatch team urged users to verify all affiliations through official SHIB platforms. Only tokens listed within the ecosystem or designated as PartnerShibs are recognized as legitimate.
Developers also cautioned against relying on unverified claims or social media promotions. Shiba Inu noted that bad actors are using the token’s popularity to gain false credibility and mislead buyers.
The statement added that the community must remain alert and avoid sharing personal information with unknown parties. Shiba Inu emphasized that all official communications would come directly from the core development team or trusted ecosystem partners.
CZ Binance Stresses Wallet Safety Measures
Binance CEO Changpeng Zhao (CZ) issued a cautionary note on wallet safety. In a recent post, he urged users to avoid using their primary computers to handle crypto wallets. He explained that many security breaches occur on compromised devices with third-party applications installed.
CZ advised using a dedicated computer for wallet activity to minimize hacking risks. He noted that while the setup may be less convenient, it offers critical protection. Users can improve their security posture by limiting software installations and permissions on wallet devices.
He also acknowledged that many incidents go unreported, making prevention the best strategy. CZ closed with a reminder to “Stay SAFU,” reinforcing Binance’s long-standing emphasis on user protection.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
