Benzinga - Traders have continued to flock to the Calcium token, a dummy token associated with Shiba Inu (CRYPTO: SHIB), causing its value to soar by 200% within the last 24 hours. This surge comes even after a warning issued by the SHIB team regarding the token’s risks.
What Happened: The SHIB developer, Kaal Dhariya, took to Twitter on X to address the situation, stating, “As previously mentioned in the screenshot below, we are in the process of renouncing BONE. Please do not buy or trade the Calcium token (seriously), there is no liquidity and claims of large losses are FUD.”
The introduction of the CAL token was part of a strategic plan devised by the Shiba Inu developers to transfer ownership of the Bone (CRYPTO: BONE) token contract. Despite the developer’s warning, traders seemed undeterred and continued to invest in and shoot up the price of Calcium.
As previously mentioned in the screenshot below, we are in the process of renouncing BONE. Please do not buy or trade the Calcium token (seriously), there is no liquidity and claims of large losses are FUD. PLEASE READ : https://t.co/BgNsdLMUop pic.twitter.com/1pxoaK4A12— Kaal (@kaaldhairya) September 21, 2023
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Why It Matters: CAL tokens witnessed trading volumes of a staggering $10.29 million on Uniswap, an automated decentralized exchange. Additionally, the token managed to secure $857,930 in liquidity, further fueling the enthusiasm among traders.
Traders and investors are advised to exercise caution and conduct thorough due diligence before engaging in trading activities involving speculative assets like Calcium.
According to a distressed user on X, they shared their devastating experience of losing $115k on the recently deployed token, $CALCIUM. In a tweet directed at Shytoshi Kusama, they expressed their frustration, stating, “That was the rest of the money that I had saved up. Shytoshi Kusama, you really have no idea how your actions affect other people’s lives.”
I just lost 115k on the new $SHIBA deployer token $CALCIUM. That was the rest of the money that I had saved up. @ShytoshiKusama you really have no idea how your actions affect other people's lives. Gunna take a few days off and see if I can get back on my feet, if not, then it…— Downsin (@DeFiDownsin) September 21, 2023
In addition to the user who suffered losses, there were others who apparently supported this seemingly fraudulent coin. Another X user by the name of CryptoFundi shared their enthusiasm for the token, saying, “I strongly feel another Pepe kind of token arrived. It’s Calcium $CAL. I am expecting it to reach 100 M MC in 10 days.”
I strongly feel another Pepe kind of token arrived. It's Calcium $CAL. I am expecting it to reach 100 M MC in 10 days. Never seen such a clean contract code with 100% decentralized token since #SHIB.1000x loading ???? Comment your views on this#Ethererum #ShibaArmy
— Crypto Fundi (@CryptoFundi_) September 23, 2023
#SHIB Just launched a project and abandoned it. Calcium ($CAL) – This token now has the potential to bring in the bull market singlehandedly. Like, share, and follow to spread the word! #cal #calcium #100Mill #1Billion pic.twitter.com/2STAg075Z1— MobileTradez (@MobileTradez) September 24, 2023
Photo by Furkan Cubuk on Shutterstock
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