CoinMarketCap listed three wormhole Shiba Inu contract addresses on their official platform in a recent update. Unfortunately, many Shiba Inu fans mistook the new contract addresses as being malicious, causing confusion.
CoinMarketCap clarified that the contract addresses are in fact Wormhole addresses for SHIB that facilitate cross-chains transactions.
Please note that the non-ETH contract addresses on this page @shibtoken are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this assethttps://t.co/IhbNBJkwnf
— CoinMarketCap (@CoinMarketCap) January 14, 2022
It all started when the official Shib account tweeted an official statement regarding the CoinMarketCap addresses claiming that they were unsafe to use.
Official Statement regarding the recent actions by @CoinMarketCap . pic.twitter.com/DXP2wZRhYC
— Shib (@Shibtoken) January 13, 2022
Many traders use the contract address next to the coin to add to decentralized exchanges to purchase the tokens. Adding wormhole addresses next to the actual contract address could be somewhat misleading for new users.
At writing, we were still able to see the three alternative addresses on CoinMarketCap in the dropdown section next to Shiba Inu’s official Ethereum contract address:
The alternate addresses are Wormhole addresses, as stated by CoinMarketCap in their recent tweet. This means that users would send their tokens to those addresses to facilitate cross-chain transactions.
At writing, Shiba Inu is trading at $0.00002977, down 7% in the past 24-hours. The current bearish momentum is most likely to the CMC debacle, which should hopefully be resolved soon.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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