In a recent move towards expanding its utility, the Shiba Inu team has successfully raised $12 million through the sale of TREAT tokens. This funding, orchestrated by Shytoshi Kusama, aims to propel the development of a new privacy-focused Layer 3 blockchain and other initiatives within the Shiba ecosystem.

The funding round, which saw participation from notable crypto contributors and venture capital firms, is set to bolster the development of Shiba's innovative blockchain solutions. Ventures from Animoca Brands to Polygon Ventures joined in, highlighting a strong backing for Shiba Inu's vision.

Shytoshi Kusama emphasized that the majority of the funds will be allocated towards the development of Shiba's new Layer-3 blockchain, Zama, while ensuring continued focus on Shibarium blockchain and enhancing security and regulatory compliance measures. Additionally, the introduction of TREAT tokens into the crypto market is slated for later this year, alongside the rollout of Shi stablecoin.

Shiba Inu's presence at the Token2049 event further underscored its growing significance in the crypto landscape. Lead developer Shytoshi Kusama's announcement in the official Telegram group ignited anticipation within the Shib Army, signaling a new phase of development and expansion.

Following the announcement, the price of SHIB experienced a modest 1% increase, currently trading at $0.00002705. However, a decline in trading volume over the past 24 hours suggests a temporary lull in trader interest, despite the positive developments within the Shiba ecosystem.

In conclusion, the successful fundraising and strategic initiatives undertaken by Shiba Inu represent a significant step towards its goal of mainstream adoption and innovation in the blockchain space. With strong community support and a clear roadmap ahead, Shiba Inu continues to carve its path towards broader recognition and utility.