Bittime – Shiba Inu (SHIB), the popular meme coin, has just received a $12 million funding injection from a leading crypto VC consortium.
These funds will be used for the development of a new privacy-focused blockchain, as well as a new token called TREAT. Investors involved include Animoca Brands, Polygon Ventures, DWF Ventures, Spirit Dao, and others.
TREAT: Utility Tokens and Solana Governance
"Through the involvement of these venture capital firms and their strategic partners, we have not only expanded our network of trusted partners but also exponentially increased Shiba Inu's capabilities for our community," said Shiba Inu's lead developer who uses the pseudonym "Shytoshi Kusama" in a press release today Monday.
TREAT is planned to be the “utility and governance token” for the new blockchain, as well as being the “ultimate non-stable token” in the SHIB ecosystem. Shiba Inu's new, as-yet-unnamed blockchain will be a "layer three" network on top of Shibarium, a scalability-focused layer-2 network built on top of Ethereum.
Shibarium itself already has a native token called BONE, which was launched in July 2021, although the Shibarium bridge itself only became fully functional in August last year.
The ecosystem also has a limited supply of LEASH tokens that provide benefits to Shiba Inu loyalists, including more BONE tokens.
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TREAT will Use FHE
As an upgrade to Shibarium, the TREAT blockchain will use “Fully Homomorphic Encryption” (FHE), which increases the privacy of network transactions.
IBM describes FHE as "an innovative technology that can help you achieve zero trust by unlocking the value of data in untrusted domains without needing to decrypt it."
Several fake versions of TREAT have already appeared on CoinMarketCap and CoinGecko, but the original version will be minted by The Shiba Inu Mint SA at a date to be announced later.
Impact on SHIB Price: Up!
SHIB price was stagnant on Monday but has surged 19% in the past week. Currently, SHIB is ranked as the 11th largest cryptocurrency by market capitalization at $15.6 billion, only three places behind Dogecoin (DOGE), its dog-themed predecessor meme coin.
Both Doge and SHIB surged earlier this year along with other meme coins as indirect beneficiaries of the launch of a Bitcoin spot ETF in January. In early March, Bitwise CIO Matt Hougan said he expected the altcoin to continue rising as long as demand for the ETF persisted.
"Crypto users make money in Bitcoin, feel rich, and then look for more speculative assets to invest in," he explained at the time.
Analysis and Implications for Shiba Inu
This new $12 million funding is an indication of investors' strong confidence in Shiba Inu's future. The entry of big names such as Animoca Brands and Polygon Ventures further strengthens the credibility of the Shiba Inu project.
The arrival of a new privacy-focused blockchain, TREAT, has the potential to be a significant differentiation for Shiba Inu. FHE implemented on the TREAT blockchain can attract users who prioritize privacy in their crypto transactions.
The TREAT token itself has a dual role as a utility and governance token. This means that TREAT holders are entitled to certain benefits in the Shiba Inu ecosystem, such as voting rights in decision-making regarding blockchain development.
However, it is worth noting that the launch of TREAT and the new blockchain still does not have an exact date. The Shiba Inu community must be patient in waiting for further information from the development team.
Additionally, several fake versions of TREAT are already circulating. Make sure you are careful and only get genuine TREAT from official sources which will be announced later by The Shiba Inu Mint SA
SHIB price has not shown any significant reaction to the news of this $12 million funding. However, the SHIB price increase of 19% in the last week is worth paying attention to. If TREAT blockchain development goes smoothly and according to plan, future SHIB price movements could be more positive.
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Conclusion: Invest Shiba Inu Carefully
Shiba Inu is going through an exciting phase of development with plans to launch a new blockchain and TREAT token. However, like other crypto investments, Shiba Inu carries high risks. Crypto prices can be volatile and unpredictable.
Before investing in SHIB or TREAT, do your research, understand Shiba Inu's technology and development plans, and determine if this investment fits your risk profile. Diversification is the key to achieving long-term success in the crypto market.
Cara Beli Shiba Inu (SHIB) di Bittime
You can buy and sell Shiba Inu (SHIB) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR. To be able to buy SHIB IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy a Shiba Inu (SHIB) at Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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