Bitcoin 
Ethereum 
XRP 
Tether 
Solana 
BNB 
USDC 
Dogecoin 
Cardano 
Lido Staked Ether 
TRON 
Chainlink 
Avalanche 
Wrapped stETH 
Wrapped Bitcoin 
Stellar 
Sui 
Toncoin 
Hedera 
Shiba Inu 
WETH 
Polkadot 
LEO Token 
Litecoin 
Bitget Token 
Bitcoin Cash 
Uniswap 
Hyperliquid 
USDS 
Wrapped eETH 
Official Trump 
Pepe 
Ethena USDe 
NEAR Protocol 
Aave 
Aptos 
Internet Computer 
Ethereum Classic 
Ondo 
WhiteBIT Coin 
Mantle 
Monero 
VeChain 
Cronos 
POL (ex-MATIC) 
Dai 
Render 
Jupiter 
MANTRA 
Layer One X 
Shiba Inu Raises $12 Million for Privacy-Focused Blockchain Project
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.
Stay informed with daily updates from Blockchain Magazine on Google News. Click here to follow us and mark as favorite: [Blockchain Magazine on Google News].
Get Blockchain Insights In Inbox
Stay ahead of the curve with expert analysis and market updates.
latest from tech
Disclaimer: Any post shared by a third-party agency are sponsored and Blockchain Magazine has no views on any such posts. The views and opinions expressed in this post are those of the clients and do not necessarily reflect the official policy or position of Blockchain Magazine. The information provided in this post is for informational purposes only and should not be considered as financial, investment, or professional advice. Blockchain Magazine does not endorse or promote any specific products, services, or companies mentioned in this posts. Readers are encouraged to conduct their own research and consult with a qualified professional before making any financial decisions. The featured image used is just a creative depiction of the title and it does not intend to hurt sentiments of any person or institution. If it hurts anyone sentiments, please do not hesitate to reach out to Blockchain Magazine.
About the Author: Diana Ambolis
