A prominent figure in the cryptocurrency community, SHIB HODLER, shared a post highlighting SBET token reaching a new all-time high, with a notable 34.26% price surge over four days and a trading volume of $14 million.
Known for their enthusiasm for meme coins like Shiba Inu, SHIB HOLDER shilled the post to their 481K followers, tagging SharpLink Gaming and Joseph Lubin, the chairman of the company.
This post quickly sparked widespread attention and set the stage for a heated debate about the token’s legitimacy and its connection to SharpLink Gaming Inc.
While tagging such X accounts implies legitimacy that the token is an official primitive by Sharplink Gaming, Joseph Lubin had to come out against the indirect claim, labeling the SBET token a “scam” and warning investors of a potential “rug pull.”
Lubin’s tweet asserts that the SBET token, shown in the SHIB HOLER’s post, has “nothing to do with SharpLink Gaming Inc.,” a Minneapolis-based company listed on NASDAQ under the ticker SBET. He cautioned that buying the token could lead to financial loss due to its lack of affiliation with the legitimate stock.
Facts and Verdict on SBET Token
SharpLink Gaming Inc. is a real entity, founded in 2019, that primarily focuses on online performance marketing for gaming operators. Its stock is listed on Nasdaq under the ticker SBET. Conversely, the SBET token, traded on Ethereum, is a memecoin, which is a community-driven project. The token’s X account labels itself a parody, which disclaims any official link to SharpLink Gaming.
For a clearer statement, the SBET token is completely separate from Sharplink Gaming and its stock, SBET. Lubin’s warning on investing in such tokens aligns with a pattern where fraudsters launch tokens on any trending event and later revoke liquidity while running away with investors’ funds.
Also read: Ripple CEO at XRP Apex: Memecoins are “Grossly Overrated”
