Row Breaks Out Between SHIBA INU and CoinMarketCap

Row Breaks Out Between SHIBA INU and CoinMarketCap

Created 1yr ago, last updated 1yr ago

The altcoin's team is upset over the addition of wrapped SHIB addresses on the coin's price page.

Row Breaks Out Between SHIBA INU and CoinMarketCap

Table of Contents

An almighty row has broken out between SHIBA INU and CoinMarketCap, with the altcoin's team upset over the addition of wrapped SHIB addresses on the coin's price page.

On every coin details page for a cryptocurrency, CoinMarketCap lists contract addresses — providing investors with information to verify.

Contract addresses for the Ethereum, Binance Smart Chain, Solana and Terra blockchains are currently provided on the SHIBA INU page — but the SHIB team says Ethereum is the only valid contract because it is exclusively an ERC-20 token.

The SHIB team went on to describe the other contract addresses as "fake" — claiming they are "unsafe to use" and that users risk their funds becoming "irretrievably lost."

CoinMarketCap has rejected these claims — and says the non-ETH contract addresses are simply wormhole addresses that are designed to facilitate cross-chain transactions of wrapped versions of SHIBA INU. This is also a common practice on other cryptocurrency pages.

Further information to clarify this has now been added to the top of SHIBA INU's page on CoinMarketCap, and a Twitter statement added:

"For the avoidance of doubt, the addresses are not malicious. There is precedent for us to publish the contract addresses for wrapped assets because it would ultimately streamline the user experience and facilitate cross-chain transactions."

CoinMarketCap concluded by encouraging SHIBA INU to go through official channels to make contact in the future — and said it has reached out to the memecoin's team to provide greater clarification.

SHIBA INU initially aired its grievances on Twitter, and a statement on Thursday had said:

"CoinMarketCap has refused to communicate with the SHIB team on updates to the token page and willingly allowed malicious actors to vandalize our listing. The defense team at SHIBA INU is extraordinarily disappointed by the lack of professionalism at CoinMarketCap, a supposed pillar of integrity in the crypto community. We are in contact with CoinMarketCap to have their mistake corrected promptly."

Shortly after its strongly worded post, @Shibtoken urged the so-called #ShibArmy "to act calm and professional."

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts

New Year, More Rows

This isn't the first time that SHIBA INU has ended up in a tangle with CoinMarketCap.

Back in October, the memecoin's circulating supply was revised upwards from 394 trillion SHIB to 549 trillion.
Although this led to the meme coin's market cap increasing by about $10 billion, it sparked fears that the increase in supply could dilute the value of the SHIB in circulation.
SHIB investors began to demand answers about the change on Twitter and criticized CoinMarketCap, but the data site said the revised figure was correct. Other crypto data aggregators also state that SHIB's circulating supply is 549 trillion.
10 people liked this article