Last updated on May 18th, 2024 at 11:53 am
Lucie, one of the team members of the Shiba Inu project shared some guidelines on how to avoid falling for scams on the Shibarium network and cryptocurrency at large.
In a post on X (formerly Twitter) earlier today, she outlined 7 guidelines to the SHIB Army on how to prevent losing their digital assets to hackers and online scammers. Scamming in the crypto space has been a major issue with millions of dollars worth of assets lost to perpetrators.
Important steps to take before investing in crypto projects
According to Lucie, Shibizens (a word used to refer to the Shiba Inu community members) should take some crucial steps before investing their money in any crypto-related project including those not based on the Shibarium network.
First, she emphasized the importance of due diligence, stressing that understanding the goals of a project is crucial before getting financially involved. She advised that the said project(s) be properly researched to understand its purpose and underlying technology.
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Secondly, Lucie advised that thorough market research be carried out to assess the growth potential of the project and its relevance. Next, the team should be checked for relevant experience and credibility.
Furthermore, she advised engagement with the project community. This is important as it will help you stay informed about what other investors have to say as well as gauge their sentiments.
In addition, it is general knowledge that cryptocurrencies are volatile assets and may carry great investment risks, hence, it is important to assess the risk involved, consider the market volatility, and check for potential scams.
She continued by saying that professional advice should be sought if necessary and finally, stay up to date with news and updates surrounding the project. Carefully following these steps will help the Shiba Inu army and crypto community avoid scams on Shibarium and other crypto projects.
Before investing money into any crypto project, it's important for Shibizens to take a few crucial steps:
1. Research the Project: Understand its purpose, goals, and technology.
2. Analyze the Market: Assess its potential for growth and relevance.
3. Check the Team: Look into… pic.twitter.com/6fImTMBFYJ
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) October 5, 2023
Shiba Inu team teases upcoming project
Meanwhile, in a separate post, Lucie, Shiba Inu’s marketing strategist, teased the release of an updated Shibarium documentation. According to her, once the newly updated documentation is released, Shibarium space sessions will be set up to address any rising questions from the Shiba Inu community.
Also, Shytoshi Kusama, the lead developer of the Shiba Inu project informed the community that he recently had a meeting with some prominent team members of Bad Idea AI (BAD). The purpose of this meeting is to “push forward on the secret and not-so-secret AI initiatives for SHIB.”
The entire Shiba Inu community is eagerly waiting for further updates relating to these exciting projects. In the meantime, data from Coinstats show that Shiba Inu (SHIB) is currently trading at $0.00000725 signifying a 0.45% increase in the last 24 hours.
Read More:
- Bitcoin Scams: 5 Ways To Avoid Them
- How to Recover My Stolen Cryptocurrency
- Common NFT Scams and 8 Ways To Avoid Them
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.