Shiba Inu (COIN: $SHIB) is a popular meme coin with a large community that is secured on the Ethereum blockchain. The token is quite popular and is accepted as a form of payment in different locations worldwide.
Shiba Inu community has collected $12M in funding by selling their unreleased token, $TREAT, to develop their Layer-3 blockchain. The community unveiled the news via a press release on Monday, April 22.
$TREAT Token and The Investors
The mega investors for the development of privacy-based blockchain include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Cypher Capital, Illuminati Digital Capital, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital and Comma 3 Ventures, said in a press release by Shiba.
According to Shiba Inu, the $TREAT token operates as a governance and utility token for their new Layer-3 privacy-based blockchain, about to be built on Shibarium, Shiba Inu’s Ethereum Layer-2 blockchain.
The token will also be the last non-stable coin from Shiba Inu, said the developer Kusama. Another token named $SHI will be released later this year.
Furthermore, the newly unveiled blockchain by Shiba Inu features Fully Homomorphic Encryption (FHE) technology for collaboration with Zama.ai. This new encryption of the chain endeavors to solve multiple problems and find solutions, including privacy and security for the Shiba Inu community of tens of millions, also the next billion individuals curious about crypto.
Additionally, the funding through the Shiba Inu Mind S.A. (Panama-Based Cooperation) will be utilized by Shiba Inu to develop their new blockchain with FHE. This will lead to Shibarium diversifying into a global hub for memes, enhancing security measures and ensuring regulatory compliance.
Developer Comments
The senior developer of Shiba Inu, Satoshi Kusama, said, “Shiba Inu started from the vision of our founder Ryoshi, and we’ve been so thankful to the community. Together, we have changed the face of crypto as we’ve worked towards that vision. We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption.”
He further added, “We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow towards the completion of this grand decentralized experiment.”
SHIB Price
At the time of writing, SHIB is currently trading at $0.00002683, with a gain of 3.21% in the past 24 hours. It has the 11th largest market cap on Coinmarketcap of $15.81 billion and a 24-hour trading volume of $811.04 million. The price of the token has surged 26.14% in the past seven days.
Should You Invest In $SHIB?
Shiba Inu developers are taking measures to enhance the usability and portability of the token. They are also collaborating with other projects, such as D3, to level up SHIB to the next level.
With that said, $SHIB is a versatile project to invest in as the community continues to grow. Major investors have also participated in and funded the project to develop a new privacy-based blockchain and token.
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