Kusama’s post drew widespread attention within the cryptocurrency community, clarifying the confusion surrounding the TREAT token and ensuring users were informed about the correct status of the token.
Crypto’s Misstep Under the Spotlight
In his post, Kusama criticized Crypto for disseminating incorrect information about the TREAT token. The platform had mistakenly implied that the token was already available, providing users with an erroneous link to a non-affiliated website.
Kusama emphasized that the TREAT token, which is set to be a utility and governance token for Shiba Inu’s forthcoming privacy-focused Layer 3 blockchain, has not yet been launched. He warned users to remain vigilant against misleading tokens and potential scams. Kusama’s remarks included a cautionary note: “Proceed with caution with this other Treat token (and many other spoofs that will inevitably be created to scam you).”
Shiba Inu’s Market Position
Amid the controversy, Shiba Inu’s native token, SHIB, is experiencing a period of consolidation. Currently priced at $0.00001779, SHIB has shown a range of $0.00001714 to $0.0000184 over the past 24 hours.
Recent analysis from CoinGape suggests that SHIB is targeting a price of $0.00002, driven by substantial whale accumulation. The Relative Strength Index (RSI) is at 49, indicating that SHIB could be poised for significant movement depending on whether bullish or bearish forces prevail.
In the derivatives market, SHIB has seen mixed signals: the open interest (OI) for futures contracts dropped by 6.98% to $45.87 million, while trading volume increased by 6.42% to $218.02 million. These fluctuations reflect ongoing speculation and uncertainty regarding SHIB’s market trajectory.
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