Shiba Inu Raises $12 Million to Build on Shibarium’s Success with New Layer-3 Blockchain

Shiba Inu Raises $12 Million to Build on Shibarium's Success with New Layer-3 Blockchain

Shiba Inu (SHIB), the world’s second-largest meme coin by market capitalization, is taking a major leap forward. The project has not just secured $12 million in funding through the sale of its upcoming $TREAT token, but has also demonstrated the power of community support. This investment round involved participation from prominent venture capital firms like Animoca Brands, Polygon Ventures, and DWF Ventures, highlighting the strong community backing that Shiba Inu enjoys.

Building on Shibarium’s Foundation: A Layer-3 Blockchain Successor

The funds raised will be directed towards developing a layer-3 scaling solution that succeeds Shibarium. This new layer-3 blockchain will be built on top of Shibarium, benefiting from the security and strong liquidity the underlying Ethereum protocol provides.

Related article: Shiba Inu Community Rekindles Burn Efforts, Dormant Wallet Awakens to Incinerate Over 372M SHIB

The Shiba Inu project began as a lighthearted meme coin, capitalizing on the power of community support. This initial momentum propelled SHIB to new heights in terms of user adoption and market value. Recognizing the project’s potential, the core developers strategically focused on establishing a more defined use case for Shiba Inu. This commitment to utility culminated in the launch of Shibarium, a layer-2 scaling solution introduced in August 2023. Shibarium joined a growing number of layer-2 protocols aimed at addressing the congestion issues plaguing the Ethereum network.

Shibarium’s Success Paves the Way for Continued Growth

Since its launch, Shibarium has achieved significant milestones, experiencing a surge in transaction counts, registered wallet addresses, and other key metrics. This new layer-3 blockchain will build upon these successes, further solidifying Shiba Inu’s position within the Web3 ecosystem.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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