Shiba Inu (SHIB), the industry’s second-largest meme coin by market capitalization, has successfully raised $12 million by selling its not-yet-released utility and governance token, TREAT, to non-U.S. venture capital investors.
Shiba Inu Attracts Enormous Interest
According to the report, prominent venture capital firms, such as Animoca Brands, Polygon Ventures, Big Brain Holdings, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures, participated in the round.
Shiba Inu started raising for the round a couple of months ago and concluded it earlier this month. Shiba Inu said the team will utilize the funds to support the development of Shiba Inu’s new privacy-focused L3 chain, which adopts Fully Homomorphic Encryption (FHE) technology from cryptography startup Zama. This new blockchain is being built on Shibarium — Shiba Inu’s Ethereum Layer 2 network.
Since going live, Shibarium has achieved many milestones in its transaction count, registered wallet addresses, and other key metrics. The imminent Layer 3 blockchain will build on this innovation to further extend Shiba Inu’s impact in the Web3 sector.
The pseudonymous lead developer behind Shiba Inu, Shytoshi Kusama, expressed excitement about the support from top VCs and angel investors, adding that the meme coin’s ecosystem has exceeded expectations and is increasing exponentially.
“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. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy,” Kusama posited.
The new L3 is scheduled to release a testnet in the third quarter of this year and the mainnet after extensive testing and auditing processes, as per Kusama.
Could This Be A Catalyst For Mega SHIB Bull Run?
With a Shiba Inu-based layer-3 solution on the horizon, SHIB is destined for greater heights since the initiative is part of Shiba Inu’s broader strategy to improve its technology stack, boost its technology’s usability, and position the canine-themed joke crypto as a serious blockchain project.
At the time of writing, SHIB was trading for $0.00002703, reflecting a +2.7% change over the past 24 hours.
Shiba Inu has been a top-performing meme coin after gaining roughly 156.7% over the last year. Looking ahead, SHIB looks poised to continue its ascent to the psychological price of $0.001 as the forthcoming novel privacy layer could fuel optimism for a monumental price surge.
