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Investors Back Meme Coin Shiba Inu for New Blockchain
A consortium of prominent crypto venture capital firms has pledged $12 million to support meme coin Shiba Inu (SHIB) for a stake in the forthcoming “layer three” blockchain. The investment will be in the form of a new TREAT token. Notable backers include Animoca Brands, Polygon Ventures, DWF Ventures, Spirit Dao, among others.
Shiba Inu’s lead developer, known as “Shytoshi Kusama,” expressed optimism about the partnership in a recent press release. The engagement of these venture capital firms and their affiliates is set to expand the network of trusted partners and enhance the potential of Shiba Inu for its community.
The Role of TREAT Token
TREAT is designated to be the “utility and governance token” of the emerging chain, serving as the SHIB ecosystem’s “final non-stable token.” The forthcoming TREAT blockchain will operate as a “layer three” network nested within Shibarium, a layer-2 network focused on scalability, which is constructed on the Ethereum infrastructure.
Shibarium is already integrated with its native token called BONE, introduced in July 2021, though the functionality of the Shibarium bridge was fully activated in August the following year. Additionally, the ecosystem includes a token known as LEASH, a limited supply asset that rewards loyal supporters of Shiba Inu with advantages, including more BONE tokens.
Enhancing Transaction Privacy
The TREAT blockchain is poised to incorporate “Fully Homomorphic Encryption” (FHE) to boost the privacy of network transactions. FHE technology, as characterized by IBM, is a groundbreaking innovation that enables data utilization in untrustworthy environments without necessitating decryption for security and confidentiality purposes.
Despite the existence of counterfeit versions of TREAT circulating on platforms like CoinGecko and CoinMarketCap, the authentic token will be generated by The Shiba Inu Mint S.A. on a disclosure date yet to be revealed.
Market Performance and Outlook
Shiba Inu’s price exhibited stability on Monday, but experienced a 19% surge within the week. Presently, SHIB ranks as the 11th largest cryptocurrency by market capitalization, approximately $15.6 billion, trailing just three spots behind Dogecoin (DOGE), its primary predecessor in the dog-themed cryptocurrency space.
Both Doge and SHIB encountered substantial growth earlier this year alongside other meme coins due to the indirect effects of the Bitcoin spot ETF launch in January. According to Bitwise CIO Matt Hougan, these alternative coins are expected to continue their upward trajectory as long as demand for ETFs persists within the market. Hougan suggested that crypto enthusiasts who prosper in Bitcoin often seek additional speculative assets for investment opportunities.
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