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
A document obtained by CryptoPotato reveals that the Shiba Inu meme coin’s development team garnered approximately $12 million in investments from several strategic partners outside the US. Notable among these are Animoca Brands, Polygon Ventures, Mechanism Capital, Cypher Capital, and Hercules Ventures.
A band of investors joined the SHIB community by acquiring portions of the TREAT token, a reward currency developed on Shiba Inu’s secondary scaling platform, 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 is constantly improving its technology and making it more accessible and versatile than before. This is evident in new collaborations such as D3 for a .shib domain, charitable partnerships like with the Manny Pacquiao Foundation, and memberships in esteemed organizations such as CDSA (Content Delivery & Security Association) and international security executives network in Media & Entertainment.”
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.
With a large following numbering in the hundreds of thousands, Nebraskagooner among X users is convinced that a “bullish pattern like Captain Hook’s” could recur if SHIB manages to surpass the resistance level priced at $0.00002710.
$SHIB
Another bullish captain hook pattern if able to reclaim breakdown should send.
— Nebraskangooner (@Nebraskangooner) April 22, 2024
More recently, Rekt Capital, an analyst, and Jake Gagain, a crypto content creator, have expressed positive views on Shiba Inu. Rekt Capital anticipates a significant price surge of over 100%, while Jake Gagain believes that ignoring or dismissing the meme coin could be detrimental.
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2024-04-22 23:30