Shiba Inu Raises $12 Million for Privacy-Focused Blockchain Project

Shiba Inu Raises $12 Million for Privacy-Focused Blockchain Project

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April 23, 2024 by Diana Ambolis
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Shiba Inu, the dog-themed cryptocurrency phenomenon, has secured $12 million in funding to develop a new blockchain focused on user privacy. The announcement comes amidst a rising interest in privacy-oriented projects within the cryptocurrency space. The investment round involved the sale of TREAT, an upcoming utility and governance token for the new blockchain. Investors included
crash market Shiba Inu (SHIB) Tether ripple

Shiba Inu, the dog-themed cryptocurrency phenomenon, has secured $12 million in funding to develop a new blockchain focused on user privacy.

The announcement comes amidst a rising interest in privacy-oriented projects within the cryptocurrency space.

The investment round involved the sale of TREAT, an upcoming utility and governance token for the new blockchain. Investors included well-known venture capital firms like Polygon Ventures and Animoca Brands.

This development follows earlier reports suggesting collaboration between Shiba Inu developers and Zama, a cryptography company, on a privacy-focused network built on top of Shibarium, Shiba Inu’s layer-2 blockchain solution. The new network reportedly utilizes Fully Homomorphic Encryption (FHE), a technology allowing computations on encrypted data without decryption. This could potentially enhance transaction privacy for SHIB token holders.

The $12 million raised signifies growing interest in Shiba Inu’s expanding ecosystem. The SHIB token itself has also seen a slight increase in price over the past day, reflecting broader positive trends in the cryptocurrency market.

Also, read – What’s New With Ethereum Layer 2 – Past & Presesnt

About Shiba Inu

Shiba Inu (SHIB) has carved a unique path in the cryptocurrency world. Here’s a breakdown of its past and present:

Humble Beginnings (2020):

  • Launched in August 2020, Shiba Inu rode the wave of meme coin popularity, inspired by the iconic Shiba Inu dog breed.
  • It was created by an anonymous person or group using the pseudonym Ryoshi.
  • SHIB started with an ultra-low price, making it accessible to a broad audience.

Early Traction (2021):

  • In 2021, SHIB experienced a meteoric rise, fueled by social media hype and celebrity endorsements from Elon Musk and others.
  • Its price surged thousands of percent, briefly entering the top 10 cryptocurrencies by market capitalization.
  • This rapid growth attracted new investors and raised questions about SHIB’s long-term value proposition beyond the meme factor.

Developing an Ecosystem (2022-Present):

  • Recognizing the need for more utility, the Shiba Inu team began building an ecosystem of decentralized applications (dApps).
  • This includes SHIBSWAP, a decentralized exchange for trading cryptocurrencies, and LEASH, another token used for staking and governance within the SHIB ecosystem.
  • The most recent development is the announcement of a $12 million fundraising round for a new privacy-focused blockchain called Shibarium.

Present Status (April 2024):

  • While not at its 2021 peak, SHIB remains a significant player in the cryptocurrency market, currently ranking around 12th by market capitalization.
  • The price is still volatile, reflecting the broader market sentiment for cryptocurrencies.
  • The success of Shibarium and its TREAT token is yet to be seen, but it signifies the project’s ambition to move beyond being a mere meme coin.

Uncertainties Remain:

  • The long-term success of SHIB hinges on its ability to develop a robust ecosystem of dApps and attract developers for building on Shibarium.
  • The overall crypto market’s health will also play a crucial role in determining SHIB’s future value.

Overall, Shiba Inu’s journey is a testament to the power of online communities and the ever-evolving nature of the cryptocurrency landscape. While its future remains uncertain, the project’s shift towards building a more functional ecosystem shows a willingness to adapt and potentially challenge the perception of meme coins.