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.

While the crypto market experiences a positive shift in sentiments due to Bitcoin’s recent rally, different altcoin narratives and unconfirmed rumors are seen to be pushed by rumor mongers and scammers who engage in these daily activities for selfish gains and attacks.

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? Shytoshi Kusama has this to say.

Shiba Inu Cofounder Debunks Claims Of An Official Token For Its Layer 2 Blockchain

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.

Related Reading: Shiba Inu News: SHIB sees a record number of new holders while DeFi Giant RenQ Finance (RENQ) raises more than $10 Million in its Ongoing Presale.

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.

Shiba Inu Price Dumps Amid New Week Market Activity

The crypto markets started trading on a rather negative note on Monday, 17th of April, 2023, as Bitcoin could not move past its  $30,400 resistance. Several altcoins and meme tokens including Shiba Inu, experienced price declines when Bitcoin’s price dropped to the $29,700 price level earlier today.

At the time of writing, Shib trades at $0.00001144, which is a 1.46% price reduction from its previous day’s gains. However, the popular dog meme token still has the potential for upside movements in the likelihood that Bitcoin is able to pick up and continue its euphoric rally as witnessed from the previous week.

Related Reading: Shiba Inu (SHIB), RenQ Finance (RENQ), Dogecoin (DOGE): 3 cryptos cheaper than a Hotdog that will make you rich in 2023

Also, any key announcements 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.