%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The development team behind the popular %ShibaInu (CRYPTO: $SHIB ) meme coin have successfully completed a $12 million U.S. funding round. The new funding was undertaken through the sale of new %Crypto token %Treat (CRYPTO: $TREAT ) to venture capitalists outside of America. The announcement was made by Shiba Inu's lead developer, Shytoshi Kusama, at a cryptocurrency conference in Dubai. Investors who bought the Treat token and contributed to the funding round include, among others, Animoca Brands, a Web3 venture capital firm, and Polygon Ventures. The new funds will be used for the development of Shiba Inu's blockchain technology and the implementation of its Layer 2 scaling solution called “Shibarium.” Specifically, proceeds from the latest funding round will support the expansion of Shibarium, which developers say aims to become “the meme centre of the world.” Since its launch last year as an Ethereum-based scaling solution, Shibarium has seen a surge in Shiba Inu prices. The Shiba Inu team have said that they plan to launch the Treat meme token on public markets later this year. The price of Shiba Inu has risen 155% over the last 12 months, though the meme coin still trades at a fraction of one cent.