Co-founder of Shiba Inu clears air on Shibarium official token
A pile of cryptocurrencies in a chest
In a recent update that took place over the weekend, Shytoshi Kusama, co-founder of the popular Shiba Inu meme token, has expressed concern over rumored claims related to an official token for the Shibarium layer 2 blockchain.
While the crypto market is experiencing a positive sentiment shift due to Bitcoin’s recent rally, various altcoin narratives and unconfirmed rumors are being pushed by rumor mongers and scammers who engage in these daily activities for selfish gains and attacks.
However, the Shib ecosystem continues to progress in development and innovation within the meme cryptospace, but the question remains, is there currently an official token for the Shibarium Layer 2 blockchain? Shytoshi Kusama has this to say.
Co-founder of Shiba Inu rejects claims of an official token for his Layer 2 Blockchain
Shytoshi Kusama did on April 16, 2023 a Disclaimer post on his Twitter handle stating that there is no official token token for the Shibarium L2 blockchain. The Shib founder also warned crypto investors investing in meme coins to stay away from projects that use his name to launch meme tokens in the token sale markets, as he is not a party to such actions and project launches.
Related Reading: Shiba Inu News: SHIB Sees Record Number of New Holders as DeFi Giant RenQ Finance (RENQ) Raises More Than $10M in Its Ongoing Presale.
While many meme token projects use names of popular crypto characters as an emotional and FOMO strategy to lure investors into token purchases, Shytoshi Kusama understands the risks associated with it and has offered his two cents of advice; “Do your research and don’t be fooled.”
FOMO which stands for “Fear of Missing Out” is an emotional trading component that can cause investors and traders to make investment decisions in digital assets based on trends, while undermining proper due diligence and research.
Shiba Inu Price dump in the middle of the new week’s market activity
Crypto markets began trading on a rather negative note on Monday, April 17, 2023, as Bitcoin failed to break past the $30,400 resistance. Several altcoins and meme tokens, including Shiba Inu, experienced price declines as Bitcoin’s price fell to the $29,700 price level earlier today .
At the time of writing, Shib is trading at $0.00001144, which is a price reduction of 1.46% from the previous day’s gains. However, the popular dog meme token still has upside potential in the likelihood that Bitcoin is able to pick up and continue its euphoric rally, which we witnessed from last week.
Related Reading: Shiba Inu (SHIB), RenQ Finance (RENQ), Dogecoin (DOGE): 3 Cryptos Cheaper Than a Hotdog That Will Make You Rich in 2023
Any major announcement, such as one found in this Bloomberg report on the Shibarium layer 2 blockchain, can also drive the price of the Shib token if there are any updates for the new week.
Shiba Inu price chart on the daily timeframe | Source: SHIBUSD on TradingView
Featured image from iStock, charts from TradingView.com
