Shiba Inu (SHIB) and Dogecoin (DOGE) have been bridged to other chains because of their popularity and high demand. However, it has also given rise to several frauds that either attempted to capitalize on their success or outright imitated them. The community is on high alert as a result of the appearance of both meme currencies on the Cardano blockchain.
DOGE And SHIB On Cardano
Users had discovered SHIB and DOGE coins on the Cardano network throughout the previous day. It’s nothing uncommon for an established cryptocurrency to launch on a new network, but these tokens show all the telltale signs of being a hoax.
A bridge address to the new contract is required for a token like Dogecoin or Shiba Inu to properly appear on another blockchain, but none of these tokens have one. They appear to have no connection to the original blockchains and instead only exist on the Cardano blockchain.
Red flags are raised everywhere since it appears that a small number of wallets are in charge of these tokens. The original project handles have not made any formal declarations about including the Cardano network. Therefore, it is reasonable to believe that these are dishonest individuals attempting to rip off Cardano investors by using the popularity of meme currencies.
On the Cardano network, people are still doing this and creating their own versions of DOGE and SHIB. SHIB is one of the top rising cryptocurrencies, according to data from TapTools, and it has increased by more than 7,000% during the past seven days.
Investors are advised to steer clear of these projects since it is unclear if they will be able to sell the tokens once they have been acquired. There are just 69 ADA in the pool right now, which amounts to a mere few dollars.
Thus, even if investors might experience portfolio increases after purchasing such tokens, they would not be able to sell them, and the contract makers might just be losing money on the tokens, leaving consumers with useless bags.
These frauds are not exclusive to one blockchain. In order to try to deceive investors, it is apparently stated that 12 contracts are launched per hour. Due research should always be performed before investing in any project, regardless of the blockchain, it is running on.
