Summary
Prominent crypto VCs invest $12 million in Shiba Inu for stake in upcoming “layer three” blockchain, TREAT token. TREAT will be utility and governance token on Shibarium network built on Ethereum. New blockchain will feature Fully Homomorphic Encryption for increased privacy. Beware of fake versions of TREAT on CoinMarketCap and CoinGecko. SHIB price remains flat but has surged 19% on the week. Dogecoin and SHIB surged earlier this year with Bitcoin spot ETF launch. Subscribe to Alpha Reports for more insights.
Key Points
1. A consortium of prominent crypto VCs has backed meme coin Shiba Inu (SHIB) with $12 million for a stake in the ecosystem’s upcoming “layer three” blockchain, represented by the new TREAT token.
2. The new TREAT blockchain will be a “layer three” network on Shibarium, a layer-2 network built atop Ethereum, featuring Fully Homomorphic Encryption (FHE) to increase the privacy of transactions.
3. Despite remaining flat on Monday, SHIB has surged 19% over the week and is currently the 11th largest crypto by market capitalization at $15.6 billion, positioning it close to Dogecoin (DOGE) in terms of market cap.