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The official marketing expert of the Shiba Inu developer team, who prefers to be called Lucie, took to the social media platform X (formerly widely known as Twitter) to make an important warning to those who has been around in the crypto space for a long time already and to newbies as well.

After making a small introduction, Lucie warned everyone in the crypto space to stay cautious and alert against possible scammers and fraudsters that the crypto industry is full of. These cybercriminals target both experienced traders and investors and novices in the cryptocurrency space. “Be careful and not naive in the crypto space—always exercise caution and due diligence,” Lucie’s warning says.

Major scam warning comes from Ledger

Earlier this week, major cryptocurrency hardware wallet producer Ledger addressed the crypto community with a warning against a brand new type of scam called “address poisoning.”

This new scam has been hitting TRX, MATIC and ETH wallets recently. The mechanism of this scam was explained by the Ledger team in a short thread. One day a user comes across some unknown coins or NFTs which mysteriously entered their wallet. Ledger warns that these coins/NFTs must not be interacted with and it is best to hide them from view.

Fraudsters send a small amount of coins/non-fungible tokens to a wallet of their choice. The address records the sender’s (scammer’s) wallet into the transaction list and then the scammers hope that the user may mistakenly pick that wallet to make a crypto transfer.

This is why it is vitally important to always check the address where one plans to send one’s coins to and not just copy it blindly, the Ledger team says.

SHIB price performance

Over the last seven days, the second most popular meme cryptocurrency Shiba Inu has lost more than 14%, falling from the $0.00002 level.

After a 7% decline seen by SHIB between Thursday and Friday, the meme coin has managed to stage a minor recovery, regaining 3.23%. At the time of writing this story, the asset is changing hands at $0.00001803.

Still, according to a recent Santiment report, SHIB has a high chance of surging in the short term as its 30-day MVRV index shows -19.1% which indicates that this cryptocurrency has been largely undervalued.