Shiba Inu announced a $12 million raise this week and the launch of its new $TREAT token, kicking off the development of a privacy-focused Layer-3 blockchain.
Funding came from a variety of crypto VC firms including Polygon Ventures, Animoca Brands, Spirit Dao, DWF Ventures, Cypher Capital, Comma 3 Ventures, Big Brain Holdings, and others. Each of these firms received $TREAT coins, which Shiba Inu announced as the ‘final non-stable token in the Shiba Inu ecosystem.’
The $TREAT token is designed to power a privacy-focused blockchain built on top of Shiba Inu’s Layer-2 Shibarium network. The new Layer-3 blockchain will incorporate Fully Homomorphic Encryption (FHE), a tool that enables developers to perform computation on encrypted data. In effect, data can remain private even while being used for transactions.
While the fundraising round marked the official launch of the $TREAT token, the token is not yet available to the public. The Shiba Inu team has not provided a timeline for the Treat chain’s public launch, and it may be up to several years before $TREAT is publicly available.
The price of $SHIB, Shiba Inu’s original meme coin, was flat in response to the announcement on Monday and has fallen 3.10% in the last 24 hours. $SHIB is the 2nd-largest meme coin, behind Dogecoin, with a market cap of $14.9 billion.
Cross-chain Meme Coin Dogeverse Raises $11m in Explosive Presale, Aims to Outshine Shiba Inu
While Shiba Inu’s big announcement was met with a muted reaction from the crypto market, another shiba inu-themed meme coin has been grabbing investors’ attention. Dogeverse, a cross-chain meme coin compatible with 6 blockchains, raised nearly $11 million in its ongoing presale and looks set to sell out.
Dogeverse aims to be the dominant meme coin on Solana, Ethereum, Binance Smart Chain, Avalanche, Polygon, and Base. Its ability to jump across blockchains makes it inherently useful as a way for token holders to move assets from one network to another.
Token holders will be able to use the Dogeverse Bridge with minimal gas fees and trade the $DOGEVERSE token on all major DEXs.
The Dogeverse presale blew through its soft cap of $8.8 million in just two weeks. This meme coin now has its sights set on the presale hard cap, set at just over $17 million. The project has more than 9,000 followers on X and 5,000 on Telegram.
Investors who buy $DOGEVERSE during the presale can stake their tokens to earn up to 101% APY. Already, presale investors have staked more than 15 billion $DOGEVERSE—half of the supply allocated for the presale. $DOGEVERSE has a total supply of 200 billion tokens.
Dogeverse appears set for explosive gains as it could be the first meme coin to launch on blockchains simultaneously. Investors have limited time remaining to buy $DOGEVERSE during the presale before it sells out.
