Shibarium Copycat Gains Momentum, Launches Perpetual DEX

While the project uses the Shibarium name and Shiba Inu brand, no affiliation with the SHIB ecosystem has been confirmed.

A Shibarium copycat, which dubs itself “an emerging decentralized finance platform,” recently launched a perpetual decentralized exchange, increasing its social activity and recognition. It is important to note that this Shibarium project calling itself “SERP,” is not the official layer-2 network of the Shiba Inu ecosystem.

The project launched SERP, its perpetual DEX, on Tuesday, according to an official press release. Despite claiming that Ryoshi’s Vision inspired the launch of the DEX, the team behind the project was mindful enough to avoid implying or claiming any affiliation with Shiba Inu.

Although the project utilizes the Shibarium brand name and Shiba Inu iconography, it has not been verified to have any connection to the Shiba Inu ecosystem, as Shytoshi Kusama and other developers associated with the Shiba Inu community have not acknowledged it as an affiliated platform.

Furthermore, despite efforts to contact prominent Shiba Inu developers, no responses have been received at the time of publishing this article. Nonetheless, necessary updates will be provided in light of new discoveries.

It is worth noting that there have been no accusations of fraudulent activity or deceptive behavior against the team responsible for the platform as of press time. Nevertheless, it is recommended that investors exercise caution to avoid falling prey to potential rug pulls. The proliferation of crypto-centric scams has been on the rise since 2022.

Moreover, following an investigation of its official website, it was discovered that the domain name was created just last week, particularly on March 13. This is according to information from the online resource Duplicchecker.

The Emergence of SHIB-Related Scams

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Recall that scammers created a fake Shibarium token with the ticker SHIBARIUM last month as community members anticipated the launch of the Shibarium beta. The specifics of the scam remain unclear, but there were no reports of losses, as investors refrained from interacting with the token.

Due to the rising prominence of the Shiba Inu ecosystem and the increase in social activity, the Shiba Inu brand has been a target for scammers who have repeatedly leveraged it to rip unsuspecting victims. Two days before the Shibarium beta launch, a fake Shytoshi Kusama account emerged with an aim to drain users’ wallets.

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