I first saw this coin through Reddit, about 24 hours ago. Apparently, a redditor bought the coin and was unable to sell it. I thought it was another obscure coin that has run a honey pot and felt bad for its victim.
Surprisingly, I woke up this morning to see that the same ShibaTron is pumping hard on coin marketcap.com. And when a coin is pumping like that, it means a lot of people are buying. I immediately decided to run a review of the token. To find out for myself and you whether the Redditor that posted the above screenshot was lying or was genuinely warning people about the token.
The point of this review is to find out genuinely if Shiba Tron is another dressed-up scam as claimed by that Redditor or whether it is a safe project to invest in. Therefore, this review is for those looking to invest in Shiba Tron, it is also for those who are curious about the token, and perhaps those who have already invested in the token.
But before we begin, you have to first know that “I’m not a banker or a financial adviser. I will not be held responsible for your financial decision. It is totally important to fact-check the things I say and make your own conclusions. This article is just a guide. Consider it entertainment.”
With that said, let us check out what Shiba Tron is.
What is Shiba Tron Token?
Through coin market cap.com, we learn that SHIBA TRON calls itself, “a REAL community and is not controlled by a few people. SHIBA TRON is the meme token in reference to Shiba on the binance network, offering a new DeFi product to investors, 6% of each transaction is distributed to holders. This allows you to earn rewards without depositing the tokens on any DeFi platform, the number of SHIBT increases directly on the holder’s wallet”.
There’s no difference between this token and many other shitcoin out there. In the above quote, you’ll notice they said used the word REAL in cap, that in my opinion, is a red flag. Let’s go on to review the website.
Shiba Tron’s website
Shiba Tron’s website follows the regular shitcoin template. There’s nothing unique or remarkable about it. The description is scanty, uninspiring, and lazy. You can tell the developers of this token have nothing new to say about the token. It feels like most of the token’s description and tokenomics were copied from other shitcoins. Amidst the low-budget design, the developers let us know that the token is deflationary and uses a reflection mechanism to reward investors that decide to hold the token.
Shiba Tron token has a total supply of 10 billion. This nature of supply is typical of meme coins. The token has 9.4 billion while it claims to have burnt 4 billion. I’m curious to know where the remaining 2 billion tokens are. Curiously, unlike other tokens, Shiba Tron doesn’t tell us whether it adopts a tax system or not. Let’s use tokensniffer.com to examine this token.
Shiba Tron On Tokensniffer
On tokensniffer, Shiba Tron’s contract is flagged. According to tokensniffer, The token was flagged due to evidence of a bug, hack, or scam. Shiba Tron is rated 0%.
Surprisingly on the surface, some indicators are good. The token seems to have a fair tax system, with its reduced tax, renounced contract, and original contract, just to mention a few. However, the liquidity present has been unlocked, drained, or stolen. And there seem to be whales in the token’s ecosystem.
Developers Behind the Shiba Tron
The developers behind Shiba Tron are unknown. It is easy to find out why this token has undoxxed developers. In my opinion, this token’s developers created this token intending to run a rug like this.
In conclusion, fraudulent developers are starting a new trend of renounced tokens being scams. A few days ago, MarkMeta Token rug pulled on investors with a similar setup. Investors need to put more things into consideration before they invest shitcoins like this. One of the major things to consider is the liquidity lock time frame. Another is the identity of the developers and their careers before developing a token. This token’s rug pull occurred because investors minored on these things and majored on ownership renouncement and what’s not.