SBET token reaches a new all-time high, surging 34.26% in 4 days

A prominent figure in the cryptocurrency community, SHIB HODLER, shared a post highlighting SBET token reaching a new all-time high

A prominent figure in the cryptocurrency community, SHIB HOLDER, known for their enthusiasm for meme coins like Shiba Inu, shared a post highlighting SBET token reaching a new all-time high.

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 urged people not to buy the token as it's a scam and any affiliation is false.

"This SBET token is a pure scam. It has nothing to do with SharpLink Gaming Inc (SBET is the ticker). The real SBET is currently a stock on the NASDAQ. If you buy into this you are being set up for a rug pull slaughter," Lubin said.

Coming together

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.