Shiba Inu Memecoin Raises $12M from Institutions

Shiba Inu, a well-known canine memecoin project, has managed to raise a staggering $12 million through a private token sale for its upcoming TREAT utility and governance token. The sale attracted various investors, including venture capital firms like Comma 3 Ventures, Big Brain Holdings, Cypher Capital, and many others. It’s worth noting that all participants in the sale were from outside the United States. The involvement of these investors is expected to aid the Shiba Inu project in expanding its network and achieving its full potential.

Shytoshi Kusama, the anonymous core developer of Shiba Inu, expressed his gratitude towards the venture capital firms and their partners, emphasizing the positive impact they would have on the project’s growth. This comes as Kusama himself has kept a relatively low profile recently, reportedly spotted in different locations around the world. Kusama clarified that he was simply on vacation, dismissing any speculation.

The core developer resurfaced on Telegram on April 21, responding vehemently to a user’s criticism, defending his hard work and dedication to the project. Shiba Inu’s staff highlighted the significance of TREAT, stating that it was the final yet-to-be-released token that would unlock Shiba Inu’s newly introduced blockchain. This blockchain features a unique privacy layer called Fully Homomorphic Encryption (FHE), which was developed in partnership with Zama.ai.

The $12 million raised will be utilized by Shiba Inu’s Panamian entity, Shiba Inu Mint S.A., to establish the TREAT platform. Developers believe that this platform has various applications, such as encrypted lending platforms, tokenized asset exchanges, and encrypted machine learning models. The implementation of FHE technology forms the foundation of these capabilities.

Throughout the past year, Shiba Inu has proven to be a high-performing memecoin, experiencing a substantial 164% increase in value. One of its notable developments was the introduction of .shib domains for its tokenholders in December. Its layer-2 scaling solution called Shibarium has amassed an impressive user base of over 1 million since its launch.

With the success of the private token sale and the support of venture capital firms, Shiba Inu is poised to continue its growth trajectory and further advance its capabilities. The funds raised will propel the development of the TREAT platform and cement Shiba Inu’s position as a significant player in the memecoin market.