Shiba Inu Unveils Privacy-Focused Blockchain Transformation, Securing $12 Million Funding

Shiba Inu (SHIB) has faced bearish market conditions, experiencing a 5.17% decline in the past 24 hours and a 13% drop in the past week. Despite these trends, SHIB remains among the top cryptocurrencies by market cap and has secured $12 million in funding to develop a privacy-focused layer-3 blockchain, demonstrating its intention to move beyond its memecoin origins and establish itself as a serious player in the industry.

Shiba Inu Secures $12 Million Funding for Privacy-Focused Blockchain, Unveiling Ambitious Transformation

In a groundbreaking move that signals its evolution beyond its memecoin roots, Shiba Inu, the popular cryptocurrency known for its dog-themed branding, has secured $12 million in funding to develop a new layer-3 blockchain with an emphasis on privacy. This bold initiative marks a significant departure from Shiba Inu's origins and underscores its aspirations to become a serious player in the blockchain industry.

The funding round involved the sale of TREAT, an unreleased token, to a consortium of prominent venture capital firms, including Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, and Animoca Brands. The successful completion of the funding round, which began several months ago and concluded in early April, is a testament to the growing institutional interest in Shiba Inu's ambitious project.

TREAT is designed to serve dual purposes within the Shiba Inu ecosystem, functioning both as a utility token and a governance token. The Shiba Inu layer-3 blockchain will reside upon Shibarium, the project's Ethereum layer-2 blockchain that is currently under development. While TREAT is non-stable, the project has plans to introduce a second token, SHI, later in 2024.

The layer-3 blockchain aims to address privacy and trust concerns within the Shiba Inu ecosystem by leveraging fully homomorphic encryption technology. This cutting-edge technology allows for the performance of computations on encrypted data, greatly enhancing user privacy and security.

This strategic move represents a pivotal moment for Shiba Inu as it endeavors to transcend its memecoin status and establish itself as a force to be reckoned with in the blockchain realm. The focus on privacy and regulatory compliance suggests a more mature approach, potentially appealing to a broader spectrum of users and investors.

Shiba Inu's Technical Trajectory: A Bearish Descent with Glimmers of Hope

Since the beginning of March, Shiba Inu (SHIB) has navigated a predominantly bearish landscape, characterized by a descending triangle formation. Weekly analysis reveals a consistent bearish sentiment, punctuated by a sharp price drop two weeks ago that reached a low of 0.00001837 at the descending triangle support, encountering strong resistance.

On the daily timeframe, SHIB has exhibited bearish tendencies for the past three consecutive days. After touching the descending triangle support at 0.00001837 on April 13th, the price rallied, breaking out of the resistance zone and closing above it. However, the subsequent days have witnessed a bearish retracement, retesting the broken-out resistance that has now become support. This move has fully filled the fair value gap created on the day of the breakout, which occurred on April 20th.

If bullish momentum prevails from this support level, a recovery scenario becomes plausible, with a potential target of 0.00003150. Conversely, if bearish forces persist and drive the price below the trendline support, further downside pressure may ensue, potentially testing the 0.00002000 zone.

Conclusion: Embracing Innovation and Paving the Path to the Future

Shiba Inu's $12 million funding represents a major leap forward in its journey to establish itself as a formidable player in the blockchain industry. The focus on privacy and regulatory compliance reflects a strategic shift towards maturity and credibility. While the technical analysis indicates a bearish trend in the short term, the potential for recovery remains present. As the project continues to evolve and deliver on its ambitious roadmap, Shiba Inu is well-positioned to shed its memecoin origins and become a respected force in the blockchain ecosystem.