The popularity of Shiba Inu (SHIB) and Dogecoin (DOGE) has seen them bridged to other chains because of the demand. However, it has also led to a lot of scams that were either trying to play off of their success or downright copying them. The emergence of both meme coins on the Cardano blockchain has placed the community on high alert.
DOGE And SHIB On Cardano
Over the last day, users had detected that there were SHIB and DOGE tokens on the Cardano network. An established cryptocurrency debuting on a new network is nothing new but these tokens have all of the markings of a scam.
For a token like Dogecoin or Shiba Inu to legitimately appear on another blockchain, there would need to be a bridging address to the new contract, which none of these tokens have. Rather, they exist solely on the Cardano blockchain and look to have no affiliation to the original blockchains.
These tokens also look to be controlled by a handful of wallets, which raises red flags all around. There have been no official announcements from the original project handles of adding the Cardano network. So it is safe to assume that these are bad actors trying to take advantage of Cardano investors using the popularity of the meme coins.
DOGE price at $0.08 | Source: DOGEUSD on TradingView.com
Even now, others are replicating this and making up different variations of DOGE and SHIB on the Cardano network. Data from TapTools also shows SHIB as one of the top trending…
