SharpLink Gaming’s SBET Token Controversy: Legitimate Surge or Scam?

A viral post by cryptocurrency influencer SHIB HODLER claimed SharpLink Gaming’s SBET token hit a new all-time high, boasting a 34.26% price surge and $14 million in trading volume. The tweet, directed at SharpLink Gaming and Ethereum co-founder Joseph Lubin, sparked immediate speculation about the token’s legitimacy.

Lubin swiftly denounced the SBET token as a scam, clarifying it has no affiliation with SharpLink Gaming Inc.—whose real SBET ticker represents a NASDAQ-listed stock. His warning of a potential rug pull escalated the debate, casting doubt on the token’s sudden market activity.

The incident underscores the risks of meme coin HYPE and the ease with which bad actors exploit crypto’s speculative fervor. Investors are left to navigate conflicting signals—celebratory price action versus authoritative fraud allegations.