Shiba Inu (SHIB), the popular meme token inspired by the Shiba Inu dog breed, has been making waves in the crypto world. Recent developments suggest that SHIB is poised for significant growth, with its new Layer 3 (L3) chain at the forefront of attention.
Funding Breakthrough with TREAT Token
The Shiba Inu team recently secured an impressive $12 million in funding by selling its unreleased token called TREAT. Notably, this funding round involved prominent non-US firms, including Polygon Ventures and Mechanism Capital. But what’s the significance of TREAT?
TREAT will serve as the gateway to Shiba Inu’s groundbreaking blockchain. This new blockchain, powered by cutting-edge Fully Homomorphic Encryption (FHE) technology developed in collaboration with Zama.ai, aims to address critical issues within the crypto sphere, including privacy and trust.
Read more: Shiba Inu (SHIB) Saw 4 Trillion Whale Transactions: What Does It Mean?
The Mysterious Whales and the L3 Chain
While the Shiba Inu team has not disclosed the name of the L3 blockchain (to prevent scammers from creating fake TREAT tokens), the project is set to release a testnet in the third quarter of 2024.
Here’s what we know:
- Whale Activity: SHIB has witnessed a jaw-dropping increase in large holders’ netflows, rising by a staggering 1,079% in the last 24 hours. This movement underscores significant activity among whales or large holders within the SHIB ecosystem.
- Price Movements: Since March 16, 2024, SHIB prices have shown massive strength, climbing approximately +531%. The breakout target remains at $0.000081, suggesting the potential for another +147% move.
- Inflows Surge: SHIB recently triggered a 1,104% increase in inflows, hitting a two-year high. At the time of writing, SHIB was up 68.18% in the last 24 hours, reaching $0.000022.
Read more: How Buy Shiba Inu SHIB on Bitrue
What Lies Ahead?
Shiba Inu’s new L3 chain powered by TREAT and FHE technology could be a game-changer. It promises enhanced privacy, scalability, and security. As the project progresses, keep an eye out for further announcements, including the mainnet launch.
Remember, the crypto market is volatile, and prices can change rapidly. Always do your own research and consider your risk tolerance before investing in any cryptocurrency.
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