- Shiba Inu team raised $12 million to create new layer 3 blockchain.
- Despite developments overall activity on the network declined.
The Shiba Inu [SHIB] team has secured $12 million to advance the development of a new layer-3 blockchain.
Shiba team makes new moves
The Shiba Inu team has reportedly made significant progress towards a new layer-3 blockchain with a successful $12 million fundraising round.
The funding, secured through the sale of their upcoming TREAT token, comes from non-US venture capital firms including Polygon Ventures, Mechanism Capital, and Animoca Brands.
The fundraising, which began a few months ago and concluded earlier this month, reportedly took place with valuations reaching as high as $200 million.
The TREAT token itself will serve a dual purpose within Shiba Inu’s ecosystem, functioning as both a utility and governance token for their new layer-3 blockchain.
Notably, this new layer-3 solution will be built on top of Shibarium, Shiba Inu’s existing layer-2 blockchain built on Ethereum.
The addition to the ecosystem comes alongside their existing token trio of SHIB, BONE, and LEASH. Each token plays a distinct 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 declined materially. The prosperity of Shiba Inu ecosystem can impact sentiment around SHIB in the future.
Source: Shibarium
Another factor that could impact sentiment around Shiba Inu would be the recent outage on its network. While the core Shibarium network is back online, some users might still experience issues due to lingering problems with validators and external services.
The developers are actively working on a fix and have called on external teams to improve communication for a smoother resolution.
Source: X
Social media hype
Despite these problems, the weighted sentiment for SHIB remained high, indicating that positive comments around SHIB had outnumbered the negative ones.
Read SHIB’s Price Prediction 2024-25
Moreover, the social volume for SHIB had also grown suggesting a spike in popularity across social fronts. At press time, SHIB was trading at $0.0000272 and its price had grown by 0.93% in the last 24 hours.
However, the volume at which SHIB was trading at had fallen by 36.46% during the same period.
Source: Santiment