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Green Shiba Inu experienced a major drop – Is it a Scam?

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Green Shiba Inu has experienced a steep drop after receiving a marginal pump in August. And since there is no buzz around this cryptocurrency, the crypto crowd is asking a legitimate question – is it a scam?

There was a brief price action for Green Shiba Inu this week, and the token gained a point above $0.0000003. However, there was a steep correction shortly afterward. At the time of writing, CoinMarketCap states that this token is now part of the untracked listing – making it highly likely that this token is a scam.

The Reason Behind the Steep Drop for Green Shiba Inu

The current price chart for Green Shiba Inu is extremely bearish. However, wise investors have already noticed them straight away. When the coin gained traction, it immediately formed a rug pull pattern, which is common for projects that enter the market as quick-rich schemes and are then abandoned by developers.

Shortly after the coin made an appearance last year, it started showing a series of red flags that quickly came to the investor’s attention:

  1. Listing on small DEX: Small Decentralized Exchanges don’t have a lot of traction in the market. Their sole purpose appears to lend a legitimate appearance to tokens that are most likely scams. The same is the case with Green Shiba Inu. The token was listed on BakerySwap – a lesser-known DEX, and no news appeared for any CEX listing.
  2. Hyperinflation of the token: After Green Shiba Inu couldn’t break any grounds during its initial run, it rebranded to GINUX. That resulted in the token’s total supply inflation to 10 billion. Those who have watched Terra know too well what happens when a token hyper-inflates in supply.
  3. Untracked: The market data is now untracked for both old and new Green Shiba Inu. The only information we could find about this crypto on CoinMarketCap was that it is a fully decentralized zero-emission community token on the Binance Smart Chain.

Now that the token has been untracked, there is no way to know the current price of the token. Chances are high that details about this crypto have disappeared from the net. Thus, investing in cryptos with strong fundamentals, a large following, and all the right things from the get-go is better.

Getting your Hands on Meme Coins Early

While it is easy for coins with a high supply to have a major interest in the market, for instance, Shiba Inu has a supply of 1 quadrillion. It still is one of the biggest memecoins in the ecosystem. It only works if there is a large community behind it. Green Shiba Inu doesn’t have the backing of the community.

Tamadoge Presale

People seem to be less interested in Green Shiba Inu, and it is becoming increasingly apparent that it is a scam token.

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That is why it is better to invest in a memecoin with a solid foundation, like Tamadoge. It is a utility-based cryptocurrency that will allow you to participate in a play2earn ecosystem and earn rewards.

Also, Tamadoge is deflationary. 5% of the tokens will be burned after each transaction to enhance the scarcity and increase the price of TAMA tokens. Add to that, due to the marketing efforts of the team, major media outlets have many positive things to say about this cryptocurrency.

If you want to get your hands on a meme coin early, Tamadoge has a presale. However, keep in mind that the presale is running out fast. The token surpassed the soft cap requirement within 15 days, and the general presale has begun. When writing, 1 USDT will get you 80 TAMA tokens.

Additionally, it is one cryptocurrency that will likely see high-percentage gains because the devs confirmed that it would land on LBank after the presale is over.

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Should you Hold Out for Green Shiba Inu

Green Shiba Inu did show some potential when it arrived – but that’s common with many altcoins that are nothing more than scams. The value of this token has dropped continuously, and now the new token has also been delisted from CoinMarketCap. So, we don’t see any point in hoping for Green Shiba Inu.

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