Shiba Inu Raises 12 Million Via TREAT For Layer-3 Blockchain
Shiba Inu's lead developer, Shytoshi Kusama, has disclosed that the company has successfully raised $12 million in funding via TREAT tokens for the development of its new privacy-focused Layer-3 blockchain and Shibarium projects. The announcement has led to a 1% jump in the 
SHIB price. The capital was raised from several venture capital firms, including Animoca Brands, Mechanism Capital, and Polygon Ventures, among others.
Shiba Inu ( SHIB ) aims to expand its use cases and utility by developing its new privacy-focused Layer 3 blockchain and other projects with the funding raised through TREAT utility and governance tokens. The funds will be primarily allocated towards the development of Shiba's new privacy-based Layer-3 blockchain with Zama and to ensure its Shibarium blockchain remains in focus, while expanding security measures and regulatory compliance. Moreover, TREAT will hit the crypto market later this year, and the Shib ecosystem will also introduce a new token called Shi stablecoin.
The announcement was made by Shytoshi Kusama during the Token2049 event, leaving the Shib Army in a state of excitement and anticipation. The SHIB price has risen to $0.00002705, with the 24-hour low and high being $0.00002551 and $0.00002761, respectively. However, the trading volume has decreased by 27% in the last 24 hours, indicating a decline in interest among traders. As a prominent meme coin that has expanded into a broader ecosystem, including decentralized finance (DeFi) applications and a dedicated blockchain, Shiba Inu ( SHIB ) is gradually progressing towards its aim of becoming a mainstream financial entity.
Technical Outlook
The meme coin termed Shiba Inu is trading above the 200-day Moving Average (MA) with a moderate Relative Strength Index (RSI) of 53.63. The Monthly price chart depicts a bullish Symmetrical Triangle patter which accentuates to SHIB 's bullish trend.
