In the wake of the Shibarium relaunch, the layer-2 scaling network solution has become one of the most talked about in the crypto space, considering its fast-growing adoption rate and other features that make it appear attractive.
Based on definitive findings, the Shibarium has already secured an estimated $1.42 million in locked assets. In addition, some projects have been established on the Shibarium platform. These projects include DogSwap, MARSWAP, WoofSwap, Woof Finance, Shibex, LeetSwap, BoneDex, and ChocoInu.
Read Also: As Shibarium Relaunches, ChatGPT Projects $0.1 Shiba Inu (SHIB) Price. Here’s the Timeline
At the time of reporting, data on shibariumscan.io revealed the total number of wallet addresses on the network technology to be 1,007,289 with 853,084 transactions. These figures are quite impressive considering the fact that the network technology has barely stayed for just a few days.
While the Shibarium might seem attractive for potential investors to delve into, it is crucial to tread cautiously to avoid making mistakes that could amount to significant losses in the long run.
Given the above, the Shiba Inu team has been working to ensure that users avoid getting scammed. One of these efforts involves making sure that no project on Shibarium gets to replicate Shiba Inu (SHIB).
Salient Factors To Consider Before Investing in Shibarium Projects
Lucie, a renowned Shiba Inu development team member, took to her verified Twitter handle to educate her teeming followers on how best to invest in any Shibarium projects.
✅ How to choose a project on #Shibarium
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 31, 2023
•Research: Understand the project’s purpose and goals through its whitepaper.
•Team: Check the team’s experience and track record in the crypto space. ( reputation + blockchain history )
•Technology: Evaluate the project’s… pic.twitter.com/Ml8ZSSxdOT
Read Also: Shiba Inu Team Unveils Step-by-Step Guide to Withdraw Assets from Shibarium to Ethereum
Lucie highlighted twelve investment aspects. These factors are:
- Research: Research has always been an integral aspect of every investment journey. By studying a project’s whitepaper, one could understand what these projects aim to achieve, especially their goals and objectives.
- Team: Ensure you get to know the development team behind any project. Make your findings to ascertain that the team is dependable.
- Technology: Make personal investigations to ascertain technological security and scalability.
- Use Case: This entails evaluating what the project brings into the Shiba Inu ecosystem.
- Community: When analyzing communities of projects, it is advisable to go for active and rapidly expanding communities.
- Transparency: Any positive project should be open about its developments, partnerships, risks, and other details that could guide potential investors when making decisions.
- Partnerships: Checking out these project’s collaboration with other platforms can not be overemphasized.
- Tokenomics: Know the roles of the tokens, especially within its dedicated metaverse.
- Roadmap: This entails future developmental plans for a particular project. Ensure they are feasible before hopping into any of them.
- Security: Confirm that any project you desire to invest in has passed security audits for smart contracts.
- Risk Factors: Talking about risk factors, important considerations include volatility, potential pitfalls, and regulatory concerns.
- Due Diligence: Do not make hasty decisions. Ensure you do adequate research.
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