Shiba Inu Owners, This Is What the $12 Million Bet Means to You
Reporter
- The Shiba Inu team has raised $12 million to build a new layer-3 blockchain.
- Despite the developments, overall activity on the network declined.
The Shiba Inu [SHIB] team has received $12 million to advance the development of a new layer-3 blockchain.
The Shiba Inu team is taking new steps
The Shiba Inu team has reportedly made significant progress towards a new layer-3 blockchain with a successful $12 million funding round.
The funding, secured through the sale of their upcoming TREAT token, comes from venture capital firms outside the US, including Polygon Ventures, Mechanism Capital, and Animoca Brands.
The funding, which began a few months ago and closed earlier this month, reportedly came at valuations of up to $200 million.
The TREAT token itself will serve a dual purpose within Shiba Inu’s ecosystem, acting as both a utility and governance token for their new layer-3 blockchain.
Notably, this new layer-3 solution will be built on Shibarium, Shiba Inu’s existing layer-2 blockchain based on Ethereum.
The addition to the ecosystem is in addition to the existing trio of tokens consisting of SHIB, BONE, and LEASH. Each token plays a specific role within the network, with LEASH offering exclusive benefits to Shiba Inu’s most loyal supporters.
Despite these developments, the number of transactions on the Shiba Inu network has dropped significantly. The success of the Shiba Inu ecosystem may influence the sentiment around SHIB in the future.
Source: Shibarium
Another factor that could influence the sentiment around Shiba Inu is the recent outage of its network. Although Shibarium’s core network is back online, some users might still experience issues due to ongoing issues with validators and external services.
The developers are actively working on a solution and have requested external teams to improve communication for a smoother resolution.
Source: X
Social Media Hype
Despite these issues, the weighted sentiment for SHIB remained high, indicating that the positive comments on SHIB outweighed the negative ones.
Read SHIB Price Prediction 2024-25
In addition, the social volume for SHIB has also increased, indicating a surge in popularity on all social fronts. At press time, SHIB was trading at $0.0000272 and its price had increased by 0.93% in the last 24 hours.
However, the volume at which SHIB was traded had fallen by 36.46% in the same period.
Source: Santiment
