A team member behind the Shiba Inu-based ecosystem and layer two protocol, Shibarium, posted a warning on his official X handle. The layer two protocol has been gaining popularity despite the decline in prices across the crypto market, but investors should keep a few things in mind, this team member said.
Shiba Inu Investors Should Follow These Steps
In the post, the Shibarium team member spoke about the critical items every crypto investor, including the Shibarium users or “Shibizens” should follow. The Shibarium team member, “Lucie,” asked investors to research the projects before injecting any capital.
In the financial world and crypto, people are the most vulnerable when pouring money into projects without knowing the technology, mechanism, teams, and strategists that support them. Data from a crypto analytics firm, Chainalysis, indicates that crypto investors lost billions of dollars to bad actors/projects in 2023 alone.
As the chart below shows, this year, criminals have taken $5 billion from users than in 2022. Still, the number is significant and urges Shiba Inu and crypto investors to take precautions.
In addition to researching a project before investing, the Shibarium team member asked “Shibizens” to keep an eye on the market before jumping in, look for the team developing the project, and check the community.
A “strong” community has been an important sign of any project. These users and investors often create initiatives of their own and support new users and the project regardless of the variations in the market.
The Shibarium team member added the following as additional tips for Shiba Inu holders or crypto investors:
Assess Risks: Consider market volatility and potential scams. Seek Professional Advice: Consult experts if needed (…). Stay Informed: Keep up with the latest news and developments. Remember, investing in crypto carries risks, so make informed decisions and only invest what you can afford to lose.
Shiba Inu On Route To $0.01?
The Shiba Inu ecosystem has attracted more attention in the past two years. The Dogecoin competitor stands independently by introducing decentralized exchanges (DEX), marketplaces, and other use cases to support its expanding user base.
As Bitcoinist reported, Shiba’s native token, SHIB, has two major catalysts for price expansion based on Shibarium. The increasing popularity of this project is bound to contribute to SHIB’s adoption, which at times positively impacts market sentiment and community growth.
As of this writing, SHIB’s price trades at $0.000007 with sideways movement in the last 24 hours.
Cover image from Unsplash, chart from Tradingview