Shiba Inu (SHIB-USD) is in the news Tuesday as investors in the crypto celebrate the ecosystem raising an additional $12 million for a new privacy blockchain.
Shiba Inu raised the money after selling tokens to crypto investors. However, it didn’t sell SHIB tokens to raise this money. Instead, the ecosystem sold its currently unreleased TREAT tokens to gain the funds.
A large number of crypto investors took part in the investment round. A few examples include Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures and Animoca Brands, among others.
TREAT is the token for the new privacy blockchain that Shiba Inu is working on. The ecosystem also notes that this is its final non-stable token and that the blockchain will run feature Fully Homomorphic Encryption (FHE).
FHE is a major move forward for SHIB, as it offers extra security to crypto traders. That includes the ability to “use data on untrusted domains” without the need to decrypt it.
SHIB Crypto Movement Today
SHIB is currently up about 0.47% as of Tuesday morning. That low increase comes alongside a 28.7% drop in trading volume over the prior 24-hour period. Investors will note that the crypto jumped 2.2% yesterday when the funding was announced.
There are more crypto happenings that traders will want to read about below!
We have all of the hottest market news that investors need to know about on Tuesday! That includes everything worth reading about following the Bitcoin (BTC-USD) halving and more. You can catch up on this news at the following links!
More Crypto News for Tuesday
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- Millionaire-Makers: 3 Metaverse Cryptos Set to 20X by 2025
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
