Shiba Inu, the popular memecoin project, has recently made headlines with a series of developments that have caught the attention of the cryptocurrency community.
The project has successfully raised $12 million from several high-profile institutional investors to fund the development of Treat, a privacy layer designed to enhance user confidentiality and security.
TLDR
Shiba Inu has raised $12 million from various institutional investors to fund the development of Treat, a privacy layer designed to enhance user confidentiality and security.
The funding round saw participation from diverse venture capital firms, all based outside the United States due to the country’s ongoing crypto crackdown.
The Treat platform could transform sectors like encrypted lending platforms, tokenized asset exchanges, and encrypted machine-learning models.
Shiba Inu’s price has surged over the past year, with a 164% gain, and the project has achieved milestones like the introduction of .shib domains and the growth of its layer-2 scaling solution, Shibarium.
On-chain data shows significant whale activity, with over 3.19 trillion SHIB moved in the past 24 hours, and the number of SHIB holders has crossed 1.4 million.
The funding round saw participation from a diverse group of venture capital firms, including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, and many others. Interestingly, all participating investors are based outside the United States, particularly given the country’s ongoing crypto crackdown.
The Treat platform, managed by Shiba Inu Mint S.A. in Panama, aims to implement Fully Homomorphic Encryption (FHE), created by software intelligence firm Zama.AI.
This technology allows computation on encrypted data without revealing its contents, potentially transforming sectors like encrypted lending platforms, tokenized asset exchanges, and encrypted machine-learning models.
Shiba Inu’s trajectory over the past year has been impressive, with a 164% gain underscoring its position as a top-performing memecoin. The project has achieved significant milestones, such as the introduction of .shib domains and the growth of its layer-2 scaling solution, Shibarium, which now boasts over 1 million users.
SHIB Price last 7days, from Coingecko
On-chain data has revealed significant whale activity in the Shiba Inu ecosystem.
In the past 24 hours alone, over 3.19 trillion SHIB, worth $82.49 million, have been moved by large holders. This movement has been a mix of tokens being sent to and from exchanges, indicating mixed feelings among whales.
One notable transaction involved the movement of 100 billion SHIB tokens into a crypto exchange on Sunday, sparking speculation about a potential selloff from the whale and a possible short-term price decline.
However, despite these concerns, Shiba Inu’s price has continued to rise, with a 6.65% increase in the past 12 hours and a 16% gain over the past seven days.
The growing popularity of Shiba Inu is evident in the increasing number of holders, which has recently crossed the 1.4 million mark. This figure serves as a testament to the coin’s stability and robust market presence, backed by a rising tide of believers in its potential.
To cushion price volatility, the SHIB team has established “support clusters” at $0.00001 and $0.000014.
These clusters represent key price points at which a significant number of investors initially purchased SHIB tokens and serve as levels where renewed buying activity could be ignited should the price dip below these thresholds.
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