By selling its unissued TREAT token, the Shiba Inu meme cryptocurrency team was able to raise $12 million from venture capitalists. Morningstar Ventures, Animoca Brands, Mechanism Capital, Big Brain Holdings, Shima Capital, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures are among the fund providers.
Despite the fact that they are all designated as non-US companies, it seems like Shima Capital and Mechanism Capital are based in the US. Despite his inability to name all of the organizations, Shitoshi Kusama, the head developer of the Shiba Inu, denied the rumor.
As per Shiba Inu, the TREAT token is the “utility and governance token” of an upcoming privacy-focused layer 3 blockchain that is constructed atop Shibarium, the layer 2 blockchain of Ethereum.
Although a new token named Shi will be released this year, the Shiba Inu ecosystem will conclude with TREAT. Loyal Shiba Inu users own the fixed-supply token LEASH, and other native tokens include the popular memecoin SHIB, the Shibarium governance token, BONE, and others. It offers perks like BONE rewards and other advantages.
In what Kusama characterized as a genuine “scam,” CoinGecko and CoinMarketCap show trading volume for the TREAT token even though it has not yet been released. Kusama claims that The Shiba Inu Mint S.A., a Panamanian corporation, will be the one to issue the TREAT token.