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In the nascent and evolving crypto space, a prominent Shiba Inu team member has laid out a guiding principle aimed at safeguarding investors from potential pitfalls.
In a recent tweet, Shiba Inu team member Lucie highlighted what she calls the "first rule in the new crypto world." Lucie wrote: "Rule 1 in the new crypto world: Avoid anything heavily pushed by influencers, governments, or exchanges. Only risk what you are already mentally prepared to lose."
This cautionary approach highlights the risks associated with hype-driven investments and external influences. The SHIB team often stresses the importance of personal research and informed decision-making before taking any action. Along similar lines, Lucie urges the crypto community not to base their investment decisions on promotional tactics.
Tomiwabold OlajideFormer Binance CEO Changpeng (CZ) Zhao issued a similar warning in a recent X post, urging crypto market participants to stay vigilant.
In his tweet, CZ urged the crypto community to be cautious, particularly on new tokens. He further outlined key points for navigating the crypto space while highlighting the importance of due diligence. "Token economics and unlocking schedules matter significantly. A lot of research has to be done beforehand," CZ wrote.
Crypto participants urged to take caution
As cryptocurrencies gain acceptance and popularity, scammers or bad actors are also seeking new means to dupe unsuspecting individuals, especially newcomers, of their funds.
The Shiba Inu team continues to educate and alert the crypto community in this regard, emphasizing the importance of caution and due diligence.
Recently, the Shiba Inu team alerted the crypto community on scammers trying to exploit inexperienced holders by misleading them with fake contract addresses. In another instance, susbarium, a Shiba Inu-focused X account dedicated to exposing scams and protecting the Shiba Inu community, reported it had received reports of fake websites impersonating SHIB and designed to steal users' funds.
Amid all this, crypto market participants are urged to verify all information from official sources and never to share their private keys or recovery phrases with anyone.
Dan Burgin
Vladislav Sopov