Kaal Dhairya, a developer associated with Shiba Inu, has issued a strong warning to investors, advising them to avoid engaging in trading activities involving the memecoin known as Calcium (CAL).
The newly launched asset swiftly drew attention, accumulating a market capitalization of nearly $4 million on the same day it debuted (September 22). However, its price performance took a downward turn in the hours following its launch.
Purpose Behind CAL’s Launch
Kaal Dhairya conveyed this message via Twitter, emphasizing that he had specifically created the Calcium token (CAL) for the purpose of minting and renouncing BONE, another cryptocurrency.
As a result, he stressed that CAL would not hold any future value, and he urged individuals to refrain from engaging in trading activities involving it. The developer went so far as to categorize any attempts to sell CAL as potential scams.
The Emergence of Calcium (CAL)
Described as a “dummy” token, Calcium (CAL) is one of the latest memecoins to enter the cryptocurrency landscape. Further, the Shiba Inu team deploys it with a specific purpose – to facilitate the progress of BONE, the native asset associated with the ShibaSwap decentralized exchange.
The World of Memecoins
Playful or meme-inspired in nature, memecoins form a category of cryptocurrencies known for their characteristics. While they may not always have clear utility, they often gain popularity based on community engagement and social media trends.
Notably, Dogecoin (DOGE) was one of the first memecoins and was introduced in 2013. Today, there are hundreds of memecoins in existence, each with its own unique characteristics and purposes within the crypto space.