Efe Nail Saltık 
Shiba Inu, known for its Ethereum-based ecosystem and SHIB token, raised $12 million in a token sale aimed at developing a privacy-focused blockchain. Built on top of the Shibarium layer-2 network, the new network promises enhanced privacy features for users.
Investors participating in the fundraising round purchased $12 million worth of the new blockchain’s upcoming utility and governance token TREAT. Investors include notable names such as Animoca Brands, DWF Ventures, Polygon Ventures and others.
The token sale was facilitated by Shiba Inu Mint S.A., a Panama-based ecosystem development firm. The impressive list of investors highlights the significant interest and support for Shiba Inu’s venture into privacy-focused blockchain technology.
This fundraising effort follows February reports that Shiba Inu is collaborating with cryptography company Zama to develop a privacy-focused network leveraging Shibarium. The new network will use Fully Homomorphic Encryption (FHE), a privacy tool that allows developers to use data from untrusted domains without decryption.
Despite market volatility, SHIB has gained 2.2% in the last 24 hours. With a market capitalization of nearly $16 billion, SHIB remains a major player in the cryptocurrency space.
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