What is Shiba Toby crypto & why its volume soared 9,000%? Is it scam?

April 09, 2022 12:22 AM AEST | By Raza Naqvi

What is Shiba Toby crypto?

According to the official website, Shiba Toby is a decentralized cryptocurrency, and it was developed on the Binance Smart Chain Network. The project mentions that the holders of Shiba Toby crypto are paid to hold the token and that it is a transparent project.

Shiba Toby's website claims that it is an all-in-one token and provides cutting edge coding. Users reportedly get a five per cent reward for a sell transaction.

The website claims that the SHBT crypto is a hyper-deflationary token and comes with an automatic system for the distribution of rewards.

Is Shiba Toby crypto a scam?

The market cap, circulating supply, and name of the founders of this cryptocurrency are not available. Also, a massive surge in price without any specific developments gives us a reason not to trust the Shiba Toby crypto.

Previously, there have been instances when tokens listed on the BSC vanished overnight after collecting millions of investors' dollars.

Also Read: Why is DGB crypto skyrocketing? All you must know about DigiByte

Last year, a Squid Game crypto surged massively, and then it vanished along with the money. As the cryptocurrency market is highly volatile and there's a risk of scams, investors should show due dilligence before investing in cryptocurrencies like Shiba Toby because there's very little information about them.

Bottom line

The cryptocurrency market is evolving rapidly and is expected to grow further in the future. However, as an individual, it is our responsibility to exercise caution before trying our hands into the world of virtual currencies.

Also Read: What is Balancer (BAL) crypto and why is it rising?

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