Shiba Inu (SHIB) Team Completes a $12 Million Fundraiser to Make Shibarium ‘the Meme Center of the World’

TL;DR

• Shiba Inu raised $12 million from global investors, aiming to make Shibarium a central hub for meme-themed projects.
• The price of SHIB has risen 17% over the past week, with analysts predicting further increases in the near term.

Shiba Inu’s Multi-Million Initiative

According to a document shared with CryptoPotato, the team behind the popular meme coin – Shiba Inu – raised $12 million from various non-US strategic partners, including Animoca Brands, Polygon Ventures, Mechanism Capital, Cypher Capital, Hercules Ventures, and more.

The group of investors hopped on the SHIB ecosystem by purchasing amounts of the TREAT cryptocurrency, a reward token built on Shiba Inu’s layer-2 scaling solution, Shibarium. 

The Shiba Inu will use the multi-million fund to build a new blockchain technology with fully homomorphic encryption (FHE), expand security, enhance regulatory compliance, and ensure Shibarium “becomes the meme center of the world.”

“Shiba Inu continues to enhance its stack while increasing the usability and portability of its technology in more places than ever, including partnerships like D3 to gain a .shib top-level domain, philanthropic partnerships with organizations like the Manny Pacquiao Foundation, and memberships within organizations like CDSA (Content Delivery & Security Association), the international association of security executives across Media & Entertainment,” the document reads.

SHIB Bull Run on the Horizon?

The second-largest meme coin in terms of market capitalization was among the top-performing cryptocurrencies in the past several days. SHIB’s price is up 17% on a weekly scale, with some analysts expecting further gains in the short term.

The X user with hundreds of thousands of followers – Nebraskagooner – believes that another “bullish captain hook pattern” may occur should SHIB overcome the resistance level of $0.00002710.

$SHIB

Another bullish captain hook pattern if able to reclaim breakdown should send. pic.twitter.com/WTUZzBuszc

— Nebraskangooner (@Nebraskangooner) April 22, 2024

Earlier this month, the analyst Rekt Capital and the crypto content creator Jake Gagain also outlined optimistic Shiba Inu predictions. The former envisioned a triple-digit price rally, while the latter claimed that “fading” the meme coin “is a major mistake.”