Shiba Inu (SHIB) developer Kaal Dhairya has warned SHIB community members about trading the newly introduced Calcium token meant for minting and renouncing BONE.
The move became necessary due to growing concerns that some uninformed community members might be trading the token or a counterfeit one in an attempt to rake in profits.
Origin of the Calcium Token
Recall that the Shiba Inu development team released a blog post on Sept. 16 to reveal the intricacies involved in renouncing the contract of Bone ShibaSwap (BONE), the governance token of the ShibaSwap DEX and the gas token of Shibarium.
The community had persistently called on the development team to renounce the contract. In response to these community requests, the blog post outlined the steps in minting the rest of the BONE supply and renouncing the contract.
The Calcium token is at the core of this process, which the team aims to use for the minting and renunciation process. However, per the blog post, Calcium is only a dummy token with no actual liquidity. The blog post highlighted that investors should not trade it.
Latest Update
Despite this clear warning, the community has witnessed circulating remarks of individuals looking to trade the token. Reports of investors incurring huge losses from buying the asset have also surfaced.
The latest update, which Dhairya posted on X, reiterates that the Calcium token is NOT for trading. Kaal shared a screenshot of the blog post warning users against trading the token. The post affirmed that Calcium will have no future need or value.
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
According to the post, anyone coming up to sell the token is looking to scam unsuspecting investors. Kaal confirmed that the token has no real liquidity. In addition, he debunked any circulating claims that investors incurred significant losses on the token, dismissing them as FUD.
Shiba Inu lead developer Shytoshi Kusama also shared and pinned the message on the Shibarium community Telegram group. Other community members have joined in to spread the warning, noting that anyone who buys the token at this point would only have themselves to blame.
It is important to note that some bad actors have persistently preyed on the community to create and sell counterfeit tokens. Some of these individuals have launched fake versions of upcoming ecosystem tokens TREAT and SHI.
As a result of this growing pattern, it has become imperative to inform the community on the fact that Calcium is not a real token with liquidity. This is an attempt to prevent any potential losses from trading a counterfeit token.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
