Kusama Warns Crypto Investors: Stay Away from Unofficial Token Sales

• Shytoshi Kusama, cofounder of the popular Shiba Inu meme token, has expressed concerns about rumors pertaining to an official token for its Layer 2 blockchain.
• Crypto investors should stay away from projects using Kusama’s name to launch tokens in the markets for token sales as he is not a party to such actions.
• The crypto markets started trading on a negative note on Monday, 17th April 2023 with altcoins and meme tokens experiencing price declines.

Shibarium Layer 2 Blockchain Token Rumors

In a recent update that took place over the weekend, Shytoshi Kusama, cofounder of the popular Shiba Inu meme token, has expressed concerns about rumored claims pertaining to an official token for the Shibarium layer 2 blockchain. However, the Shib ecosystem continues to evolve in development and innovation within the meme crypto space, but the question remains, is there currently an official token for the Shibarium Layer 2 blockchain?

Kusama’s Warning To Crypto Investors

Shytoshi Kusama on April 16 2023 made a disclaimer post on his Twitter handle stating that there is no official token tagged to the Shibarium L2 blockchain. The Shib cofounder also warned crypto investors who invest in meme coins to stay away from projects using his name to launch meme tokens in the markets for token sales as he is not a party to such acts and project launches.

Risks Of Emotional Trading

While many meme token projects use names of popular crypto figures as an emotional and FOMO strategy to lure investors into token purchases, Shytoshi Kusama understands the risks attached to it and has come up with his two cents of advice; “Do your research and don’t get scammed.” FOMO which is the “Fear of missing out” is an emotional trading component that can drive investors and traders to make investment decisions into digital assets based on trends, while undermining proper due diligence and research.

Monday Market Activity

The crypto markets started trading on a rather negative note on Monday, 17th of April, 2023 with Bitcoin’s price dropping down to $29700 level earlier today. Several altcoins and meme tokens including Shiba Inu experienced price declines when Bitcoin’s price dropped further. At this time SHIB dropped by around 16 percent within 24 hours according to CoinGecko data at press time.

Conclusion

It’s important that all traders adhere strictly do their own research before investing in any digital asset or cryptocurrency so they can avoid being scammed or making bad investment decisions based purely on emotions like fear-of-missing-out (FOMO).