Shiba Inu Secures $12 Million Investment to Develop Layer 3 Network
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Shiba Inu Raises $12 Million for Layer 3 Network Development

The Shiba Inu project team has successfully concluded an investment round, securing $12 million. Led by Shytoshi Kusama, the team is embarking on developing a layer-3 network utilizing Zama’s cutting-edge encryption technology.

This innovative endeavor, fueled by an initial funding of $73 million, aims to bolster privacy and security within the community while ensuring regulatory compliance. Scheduled for launch in the third quarter of 2024, the test version of the layer-3 network will usher in a new era of decentralized solutions built upon the Shibarium, a layer-2 solution for Ethereum. This move reinforces Shiba Inu’s commitment to maintaining user privacy and security.

TREAT Token Sale Attracts Leading Venture Investors

The financing round was executed by selling TREAT tokens to venture investors. The fundraising project attracted investment from prominent entities such as Polygon Ventures, Animoca Brands, and Mechanism Capital.

However, Shytoshi Kusama, Shiba Inu’s Lead Developer, stated that none of the investors have the headquarters in the United States. In his remarks after the fundraising event, Kusama expressed gratitude towards the community and reiterated the project’s vision — a comprehensive ecosystem spanning community engagement, gaming, AI, metaverse, DeFi, self-sovereign identity, and encryption.

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Kusama also revealed that the fundraising process (comprising pre-seed and seed rounds) commenced several months before its conclusion earlier this month. He stated that TREAT will be the ecosystem’s last token project, marking the token hierarchy’s completion. The upcoming launch of the layer-3 network will further propel the project towards achieving its objectives.

Shiba Inu Dormant Wallet Awakens to Burn Over 372M SHIB Tokens

Meanwhile, an anonymous address that had remained inactive for 528 days sprung to life on April 22, 2024, facilitating the burning of 372 million SHIB tokens. This burn event underscores the unwavering commitment of the SHIB team and Army to reduce SHIB’s circulating supply and bolster its value.

According to data provided by Shibburn, the community burned 392.37 million SHIB tokens across 18 transactions on April 21. The standout transaction was the 372.66 million SHIB token burn by the anonymous user behind the dormant wallet.

Etherscan data reveals that before this transaction, the dormant wallet had remained so for over 1.4 years, making its sudden reactivation all the more remarkable. A similar occurrence was reported on April 2 when an unidentified wallet that had been inactive for 141 days became active and burned over 105 million SHIB tokens.

Last November, the address initially received around 79 billion SOS tokens but retained them without selling. Then, it exchanged these SOS tokens for 106 million SHIB before burning all the acquired SHIB tokens.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

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