Shytoshi Kusama, cofounder of the popular Shiba Inu meme coin, expressed worries over rumored claims regarding an official token for the Shibarium layer 2 blockchain in a recent post over the weekend.
While the crypto market is experiencing a good shift in attitudes as a result of Bitcoin's recent climb, many altcoin narratives and unsubstantiated rumors are being spread by rumor mongers and scammers that engage in these everyday activities for selfish profits and attacks.
The Shib ecosystem, on the other hand, continues to flourish in terms of research and innovation within the meme crypto space, but the issue remains: is there now an official token for the Shibarium Layer 2 blockchain? According to Shytoshi Kusama.
Co-Founder of Shiba Inu Dismisses Allegations of an Official Token for the Layer 2 Blockchain
Shytoshi Kusama posted a notice on his Twitter account on April 16 2023, noting that there is no official token associated with the Shibarium L2 blockchain. The Shib cofounder also advised crypto investors who invest in meme coins to avoid projects that use his name to launch meme tokens in token sales marketplaces because he is not a party to such acts and project launches.
While many meme token projects leverage the names of renowned crypto celebrities as an emotive and FOMO technique to entice investors into token purchases, Shytoshi Kusama recognizes the hazards and offers his advice: "Do your research and don't get scammed." FOMO, or "fear of missing out," is an emotional trading component that can motivate investors and traders to make digital asset investment decisions based on trends, while weakening basic due diligence and analysis.
FOMO, or "fear of missing out," is an emotional trading component that can motivate investors and traders to make digital asset investment decisions based on trends, while weakening basic due diligence and analysis.
Shiba Inu's Price Drops as New Week of Market Activity Begins
On Monday, April 17th, 2023, the crypto markets began trading on a somewhat dismal tone, as Bitcoin was unable to break over its $30,400 resistance. When Bitcoin's price fell to $29,700 earlier today, several altcoins and meme tokens, like Shiba Inu, saw price drops.
Shib is currently trading at $0.00001144, representing a 1.46% decrease from the previous day's gains. However, the popular dog meme currency still has upside potential in the event that Bitcoin is able to start up and continue its joyful run from the previous week.
If there are any changes for the new week, any important news, such as the one mentioned in this Bloomberg piece on the Shibarium layer 2 blockchain, can potentially boost the price of the Shib token.
charts from TradingView.com
Source: bitcoinist.com
image: Shibarium Network
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Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
