DeFi Safety, which assesses transparency and the inner workings of crypto projects, gave SHIB a score of 3% of possible 100%... the assessment isn't directly of the currency but rather it's new Decentralized Exchange (DEX) ShibaSwap, that however doesn't make it any less of a horrible result.
As you can imagine having 3/100 isn't something other projects would like to have, especially since other DEX projects like Loopring, Gnosis DEX and Bancore have scores of 82,91 and 96% respectively. Out of 22 criteria tested the DEX only passed 2, the biggest red flags within the project were it's anonymous team, almost no documentation or transparency and well... the other 20 criteria. Here's the tweet where they revealed the score.
Besides DeFi Safety many other experts and analysts as well as the oh so very reliable twitter people have commented on ways in which the DEX could be compromised, drained, taken advantage of and or be seen as extremely shady. As with Dogecoin, Shib is another joke coin that people are taking way too seriously. We all want to make money, and maybe some people will but with this many red flags I'd be extremely trigger happy with them sell buttons if you own Shib.
There is no good financial advice I can give others as I am not an expert but I think anyone with a brain could see that this isn't a long term project people should be investing in.
Important note: a lot of people mentioned how it was quite early of DeFi Safety to release this score as a lot of things haven't been completely set up on ShibaSwap but I can imagine the score won't improve much even if it had a complete setup.
Thanks for reading, hope you enjoyed it!
