The Shiba Inu project team raised $12 million to develop the Layer-3 blockchain network on the Shibarium blockchain.
Shiba Inu (Shib) is a popular meme Cryptocurrency, after Dogecoin (Doge). In 2021, this crypto token emerged as an alternative meme token of Dogecoin & showed big rallies. Later the anonymous project team behind this project launched the Shibarium blockchain network, to provide Shib token transactions across the crypto sector at a very low transaction fee.
On 22 April 2024, The Block reported that the Shiba Inu project team raised $12 million in funding for their new crypto project.
Under the new plans, they will use this fund to develop the Layer-3 blockchain network on the Shibarium blockchain, to provide more enhanced crypto transactions with a very high degree of privacy.
It is worth it to note that the Shiba inu project team diluted the $TREAT token to raise this big amount of funds. It means the TREAT token will be a native token of the Shibarium Layer-3 network to provide governance ability.
Prominent venture capital firms that contributed to this investment are Polygon Ventures, Mechanism Capital, and Big Brain Holdings.
In an interview with The Block, anonymous Shiba Inu project leader Satoshi Kusama said that crypto people need to make sure that shib project follows global laws and keeps people’s data private and secure. By letting people stay anonymous but still prove who they are, at the same time the system stays safe and follows the rules.
It is worth it to know that already multiple crypto tokens are available under the ecosystem of the Shiba inu project and the introduction of a new token is not going to provide any benefit to the Shiba inu coin.
Multiple tokens currently trading by the name of the Shiba inu project are Shibarium native token BONE, Shibarium’s loyalty token LEASH. As per their plan, they will launch another new token on the Shibarium blockchain, called the “Shi” token, this year.
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