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The Shiba Inu community has received a crucial warning from Shiba Inu-focused X account ShibArmy Scam Alerts, dedicated to protecting SHIB holders from scams.

ShibArmy Scam Alerts pointed out the growing number of fake airdrop groups on Telegram. These fraudulent groups are intended to deceive users into connecting their wallets to malicious sites with the promise of free cryptocurrency. However, instead of receiving free crypto, users risk having their wallet contents drained.

In a recent tweet, ShibArmy Scam Alerts wrote: "More fake airdrops groups on Telegram,  please be smart before connecting your wallet to any site to gain free crypto, they will drain your wallet content."

As the popularity of Shiba Inu continues to rise, so does the prevalence of scams targeting unsuspecting investors. Telegram, a popular messaging platform among the crypto community, has become a breeding ground for these fraudulent activities.

Scammers often create groups or channels that promote fake airdrops while promising free tokens in exchange for wallet connections or other sensitive information.

This warning serves as a critical reminder for the Shiba Inu community to remain vigilant and cautious. The allure of free cryptocurrency can often lead to hasty decisions, but it is essential to verify the legitimacy of any airdrop or offer before taking action.

Shiba Inu price drops 4%

A drop in Bitcoin (BTC) triggered a broader crypto market sell-off over the weekend, as some traders sought indications ahead of a busy week. Shiba Inu was not exempt from the market sell-off, falling 4.09% in the last 24 hours to trade at $0.00001367 at press time.

The United States will announce the Consumer Price Index (CPI) data for July on Wednesday. Japan's Producer Price Index (PPI), a measure of price changes in goods exchanged within the business sector, is slated for release on Tuesday.

Traditional market events tend to impact cryptocurrency prices since they show spending habits and the overall status of the economy. Favorable releases tend to nudge crypto prices higher as investors are likely to wager more on riskier assets.