Shiba Inu Rockets to $12 Million Funding Milestone for Groundbreaking Layer-3 Network

Shiba Inu has obtained $12 million in investment for the creation of a layer-3 network that will improve privacy and security. The investment round, led by Shytoshi Kusama, involved the sale of TREAT tokens to prominent investors, including Polygon Ventures and Animoca Brands. Additionally, a dormant wallet containing 372 million SHIB tokens has been activated, further contributing to the reduction of SHIB's circulating supply.

Shiba Inu's Monumental Fundraising Milestone: Securing $12 Million for Layer-3 Network Development

In a groundbreaking move that underscores its unwavering commitment to innovation and security, the Shiba Inu team has successfully closed a $12 million investment round, solidifying its position as a major player in the cryptocurrency landscape. Spearheaded by the visionary leadership of Shytoshi Kusama, the team is poised to revolutionize the digital asset ecosystem with the development of a cutting-edge layer-3 network.

A Paradigm Shift in Privacy and Security

This innovative endeavor is propelled by an initial funding of $73 million, a testament to the unwavering support from investors who recognize the transformative potential of Shiba Inu's ambitious vision. The layer-3 network, powered by Zama's state-of-the-art encryption technology, is meticulously designed to bolster privacy and security within the community, while ensuring strict adherence to regulatory requirements.

Slated 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 Shibarium, a layer-2 solution for Ethereum, this groundbreaking network will empower users with enhanced control over their digital assets, safeguarding their privacy and security in an increasingly interconnected world.

A Global Syndicate of Venture Capital Leaders

The financing round was meticulously executed through the sale of TREAT tokens to a global syndicate of renowned venture investors. The project attracted the attention and support of industry giants such as Polygon Ventures, Animoca Brands, and Mechanism Capital, who share Shiba Inu's vision of a decentralized future.

Shytoshi Kusama, Shiba Inu's Lead Developer, expressed his gratitude to the community for their unwavering support while emphasizing the project's ambitious vision. He outlined a comprehensive ecosystem spanning community engagement, gaming, AI, metaverse, DeFi, self-sovereign identity, and encryption, all underpinned by the unwavering commitment to privacy and security.

Kusama also revealed that the fundraising process, encompassing pre-seed and seed rounds, was meticulously orchestrated over several months, culminating in its successful conclusion earlier this month. He affirmed that TREAT will be the ecosystem's final token project, marking the completion of the token hierarchy and paving the way for the upcoming launch of the layer-3 network, a pivotal milestone in the project's roadmap.

A Momentous Burn Event: Reducing Supply, Enhancing Value

Concurrent with the fundraising announcement, an anonymous address that had remained dormant for an extended period of 528 days suddenly sprung to life on April 22, 2024, facilitating the burning of a substantial 372 million SHIB tokens. This remarkable burn event underscores the unwavering commitment of the SHIB team and the global community to reducing the circulating supply of SHIB, thereby bolstering its value and scarcity.

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

Etherscan data reveals that prior to this transaction, the dormant wallet had remained inactive 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 approximately 79 billion SOS tokens but retained them without selling. Subsequently, it exchanged these SOS tokens for 106 million SHIB before meticulously burning all the acquired SHIB tokens.

Conclusion: A Catalyst for Growth and Transformation

The successful $12 million fundraising round and the subsequent layer-3 network development mark a significant turning point for the Shiba Inu project. The team's unwavering commitment to innovation, security, and community engagement has propelled the project to the forefront of the cryptocurrency industry. As the test version of the layer-3 network is launched in the third quarter of 2024, the Shiba Inu ecosystem is poised for exponential growth and transformation, further solidifying its position as a global leader in the digital asset space.