Shiba Mask Token: Review Legit or Scam?

ShibaMask has been a token I have known. Let me tell you a little story,  I began reviewing tokens last year. It was around the time I started reviewing tokens I got to know about ShibaMask. I didn’t review the token that time, because I didn’t fancy tokens that had Shiba on their names. It’s doing a 300%+ pump today and I have decided to review it.  ShibaMask token is one of those tokens that disappear and reappear like a ghost in a horror movie. The point of this review is to determine whether the ShibaMask is a scam, using the various tools at our disposal and of course, common sense. So, if you are interested, want to know more about ShibaMask, or maybe you are already a holder. This article was made with you in mind.

But before we begin, you have to know that, I’m not a banker or a financial adviser. I will not be held responsible for your financial decisions. It is important to verify or fact-check the information you got from this review and make your conclusions.  This article is just a guide. Consider it entertainment. With that out of the way, let’s begin.

What is ShibaMask?

According to coin market cap, ShibaMask is a community-driven coin that is on a mission to grow to be known worldwide. It is backed by-products like NFT Market and Crypto Wallet where one can store investments. Offers a wide variety of fun interactions to its holders in the form of apps, NFTs, airdrops, staking, and earning Shibamask Tokens with every NFT Mint.

The token currently ranks #4186 on coin market cap. Let’s go on to review shibamask token’s website.

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ShibaMask Token’s Website

ShibaMask Token’s website is a poor one, in my opinion. You can tell the website is low effort and low budget. Calling the website basic is an understatement. The description begins with a big and bold

“Memecoin with Crypto Wallet”

We find out through the few words on the website that the ShibaMask project is promising only two things. An NFT marketplace, where investors can buy and sell NFT using Shibamask token. And, a crypto wallet, where investors can store their crypto funds. We further learned that, ShibaMask has a total supply of  1,000,000,000,000,000. It is hyper deflationary as burnt tokens will be directly reduced from the Total Supply and will be transferred to ‘Burn accounts’.

ShibaMask On Tokensniffer

On tokensniffer, ShibaMask is rated 45%. This is a below-average score. Which sort of put doubts in your mind about the project. This is a major red flag. Tokensniffer highlights that the Shiba Mask contract source has both its positive and negative sides. Here are some of the negatives. ShibaMask source code contains a function that can modify the transaction fee. This is risky because the developer could stop those who want to sell from selling at any time.  Also, the contract is not renounced. This could either be a good thing or a bad thing, it depends on how you look at it. But most of the time, it is a bad thing.  A contract being renounced has its benefits, however,
ownership is not renounced which may allow the creator or current owner to modify contract behavior (for example: disable selling, change fees, or mint new tokens).  Now to the positives, the token’s 5% buy and sell fee is reasonable. The liquidity is locked and adequate, however, we do not know the liquidity lock time frame. There are no potentially toxic whales in the Shiba Mask ecosystem.

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Developers Of ShibaMask

The folks behind the ShibaMask token are not known. This, in my opinion, increases the risk around the token. It increases the risk because we do not know whether they are folk investors can trust or whether they have the right skillset to deliver on their promise.

What Investors are saying about ShibaMask

Investors are not complaining about the project. A quick survey of opinions (although limited) on the token’s Twitter handle suggests investors are seemingly okay with the token.

Conclusion

In conclusion,  ShibaMask has been around for some time now. It dropped from having a 5 million market cap to having a 500k market cap. Investing in this token is risky, I however do not think the token is a scam waiting to happen (as per rug pulls and honeypots). But, their project(s) is a pipe dream and will probably never work out.

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