Meme coin rivals Shiba Inu ($12M raised) and Slothana ($15M raised) grab attention with promises of utility and Solana-based innovation.
The meme coin sector of the cryptocurrency market continues to witness significant activity. Two meme coin projects, Shiba Inu (SHIB) and Slothana ($SLOTH), have recently garnered considerable attention with their ongoing funding initiatives.
Shiba Inu, the Dogecoin-inspired meme coin that surged in popularity in 2021, announced a successful $12 million private token sale on 22 April. The funds will be used to develop TREAT, a utility and governance token for Shiba Inu’s upcoming blockchain. This blockchain will reportedly incorporate Fully Homomorphic Encryption (FHE) technology, a novel approach to data encryption.
The funding round included participation from established venture capital firms like Comma 3 Ventures, Big Brain Holdings and Animoca Brands. These partnerships could bolster Shiba Inu’s development efforts and potentially unlock the project’s long-term vision.
According to Shiba Inu’s staff, TREAT will serve as the final unreleased token from the project. This token will grant access to Shiba Inu’s newly announced blockchain. The blockchain promises to leverage FHE, which allows computations on encrypted data without decryption. This has the potential to enable innovative applications in areas like encrypted lending platforms, tokenised asset exchanges and even encrypted machine learning models.
The $12 million raised will be used by Shiba Inu Mint S.A., the project’s Panamanian entity, to build the Treat platform. Shiba Inu’s focus on real-world applications with the TREAT token offering could be attractive to those seeking a meme coin with long-term utility.
Slothana, a meme coin inspired by the internet sloth meme and built on the Solana blockchain, has garnered significant interest during its ongoing ICO (initial coin offering). With just five days remaining in the presale period ending on April 29th, Slothana has surpassed its initial fundraising target, securing $15 million.
Several factors are believed to have contributed to Slothana’s success. The project’s presale coincided with the recent Bitcoin halving event and the global cannabis enthusiast celebration, on 4/20. Some analysts believe these events can trigger bull runs in the cryptocurrency market, potentially fueling interest in Slothana.
Slothana’s decision to build on the Solana blockchain is another noteworthy factor. Solana’s scalability and low transaction fees have attracted many innovative meme coin projects in recent months.
In some cases, these Solana meme coins have outperformed their Ethereum counterparts in terms of gains. While Solana has experienced some network congestion issues, developers are actively working on solutions to ensure stability and scalability, making it an attractive platform for fast-growing meme coin projects.
Slothana’s unorthodox presale method also garnered attention. Users could purchase tokens directly by sending Solana (SOL) tokens to a designated wallet address.
This streamlined approach resonated with the meme coin community and facilitated over $10 million worth of SOL. Traders are keen to gobble tokens before Slothana lists on a yet-to-be-disclosed decentralised exchange (DEX).
BUY 10,000 $SLOTH WITH ONLY 1 SOL
Slothana’s ranking at #2 on ICOBench, a platform that evaluates upcoming token launches, adds to its perceived legitimacy. Additionally, rumours of endorsements from YouTubers like ClayBro and Austin Hilton and a potential listing on a major exchange like Binance have further fueled speculation surrounding the project.
Don’t miss out! With only five days left in Slothana’s presale, now is your chance to acquire $SLOTH tokens before the price increases on the DEX listing. Visit the Slothana website to participate in the presale before it ends on April 29th.
Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or project mentioned in this piece; nor can this article be regarded as investment advice. Please be aware that trading cryptocurrencies involve substantial risk as the volatility of the crypto market can lead to significant losses.
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