Shiba Inu (SHIB) , the world’s second-largest memecoin, is making headlines again after its much-anticipated reward token, TREAT, finally launched on crypto exchanges, and SHIB token burn spiked sharply.
SHIB Burn Rate Surged
Over 21 million SHIB tokens were burned in the past 24 hours, marking a sharp acceleration in token removal.
According to SHIB burn tracker Shibburn, the SHIB token burn rate spiked over 2,229% on Tuesday, with the total supply reduction now at 410.74 trillion SHIB.
Although the token burn intensity declined 55% on Wednesday, the burn rate surge has created scarcity, with the crypto space speculating that demand for SHIB may rise further due to its ecosystem growth and TREAT’s introduction.
As the SHIB burn rate surged, Shiba Inu’s open interest (OI) also jumped in the last 24 hours. Coinglass reports that 18.91 trillion SHIB tokens, worth $405 million in derivatives contracts, were opened during this spike, marking a significant increase in trading activity in the derivatives market.
TREAT Tokenen Went Live
Shiba Inu community announced the official launch of the TREAT token on January 14, confirming the instant debut on three major crypto exchanges: Bitget, KuCoin , and Gate.io.
The launch of TREAT finalizes a strategic group of SHIB ecosystem’s tokens, complementing SHIB, LEASH, and BONE.
However, TREAT price plunged over 55.6% within the next 24 hours after the launch, reaching the low of $0.0005636 on Tuesday. As of the time of writing, the token trades at around $0.000824 with a market value of $2.73 million, as per CoinMarketCap.
TREAT’s price declined shortly after the token went live on three major exchanges. Source: CMC SHIB’s lead developer, Shytoshi Kusama, expressed confidence in TREAT’s potential, stating it will unlock new, advanced features, including the highly anticipated Shiba Inu Layer-3 blockchain, which focuses on data protection.
In April 2024, venture capital firms, including Mechanism Capital, Foresight Ventures, Polygon Ventures, and Big Brain Holdings, invested $12 million in TREAT, signaling strong confidence in its potential to impact the crypto ecosystem. Along with funding, they are also becoming strategic partners for the token’s future development.
Why This Matters
The TREAT token launch marks a deeper push by Shiba Inu to expand its ecosystem, opening up new opportunities for engagement and utility. As Kusama and the team hint at upcoming projects, attention remains on SHIB and TREAT for potential signs of a lasting rally.
