A new altcoin from the Shiba Inu ecosystem was launched today for testing purposes only. However, some investors have shown great interest by jumping into this experimental crypto. Despite developers stating that the altcoin actually has no value, some investors are determined to make this crypto a serious project.
The story of the experimental altcoin
The Shiba Inu team today launched an experimental altcoin called Calcium (CAL) as part of a plan to reject the Bone (BONE) token contract. More than 50 percent of this token was collected by the bot shortly after it went live, a planned move. These tokens were live on the decentralized exchange (DEX) ShibaSwap. However, investors purchased these tokens in the hope of making a quick profit. Some Shiba Inu community members have even called for these tokens not to be investment altcoins.
However, some community members who claimed to have lost money used the CAL token to create a new trading pair on Uniswap. Participants in this trading pair stated that they were “tired” of the Shiba Inu’s promises. He aimed to turn Calcium into a real project.
Need some #Calcium to start my day!
Here’s some for you too @cz_binance @CoinDesk @CoinMarketCap https://t.co/37fNK7eSIZ#calcium #cal #ShibaInu pic.twitter.com/C2vg6Q3Q7V— Calcium. ($CAL) (@calcium_Army) September 22, 2023
Different fate of CAL on two exchanges
The above buying spree caused the price of the original CAL token to drop by 99 percent. CAL had only $4,800 in liquidity on ShibaSwap. This resulted in a trading volume of $4 million and liquidity of $164,000 on Uniswap DEX.
Meanwhile, it’s been a busy day at Shibarium today. As we reported as Kriptokoin.com, the altcoin network made a record number of transactions on September 22.
Background on experimental altcoin Calcium
Shiba Inu developers said in a statement last week that they would issue Calcium tokens to deny ownership of the Bone (BONE) contract, the governance tokens of the newly launched Shibarium Blockchain. In the altcoin industry, rejecting a smart contract means that the contract creator no longer has control over it. “This token was created for the specific purpose of simply minting and rejecting BONE,” the developers said. He made a statement as follows.
However, an altcoin project does not need developer approval to work. Community members can rally around any token. They can also provide liquidity on decentralized exchanges (DEXs). However, they can gather external developers to work on use cases.
Degens kept aping into thin liq and the token went sideways for while. Then the VEMP deployer (theres interesting rumors on who this is but I wont touch on it here, if you know you know) + community members added liquidity to Uniswap. https://t.co/e8vksbEUQb
— bagofbread (⚰️,⚰️) (@Bagofbread2) September 22, 2023
By the way, the developers say, “CAL is only for printing BONE and giving it up. “Please do not trade this altcoin because it will have no value or need in the future,” he wrote. “If anyone is selling this please consider it a scam,” developer Kaal Dhairya wrote at the time. @1BlockChainKing, a vocal member of the Calcium altcoin community, describes the incident in a tweet:
People bought LPs, added them, and created a TeleGram chat that turned into a movement against the SHIB team for their recent actions against the community and ecosystem
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