Shiba Inu debuts its reward token TREAT on three major exchanges amid a dramatic 2,229% surge in SHIB burn rate, signaling potential market implications.
Shiba Inu SHIB $0.000006 24h volatility: 4.4% Market cap: $3.60 B Vol. 24h: $214.14 M , the second-largest meme coin in the digital asset space, confirmed the debut of its reward token, TREAT, on three major digital asset trading platforms, Bitget, KuCoin, and Gate.io. At the same time, a substantial surge in the SHIB burn rate was recorded, with over 21.06 million tokens being burned in the past 24 hours.
According to the data from Shibburn, the Shiba Inu burn rate soared 2,229.01% in the past day, and until now, 410.73 trillion SHIB tokens have been removed from the meme coin’s supply, creating a shortage in supply while the demand is expected to remain the same or even increase with the debut of the TREAT token.
TREAT’s Debut is Bullish for SHIB
Shiba Inu announced the debut of TREAT on X (formerly Twitter) while advising investors to remain cautious of scammers who might scam investors via fake TREAT airdrops or investment scams. Also, the users of Bitget, KuCoin, and Gate.io were a part of an official TREAT airdrop.
$TREAT is officially LIVE!
Buy it now on our CEX partners!
Stay SAFE! 🛡️
Beware of scam links and tokens mimic or replicate $TREAT.Double-check with https://t.co/5knaVPWmJV and our official brand channels for verification. pic.twitter.com/T26aKgOVVB
— Shib | TreatYourself Season (@Shibtoken) January 14, 2025
According to CoinMarketCap data, TREAT has already crashed more than 50% upon launch and has a market cap of just $3 million with a price tag of $0.0008053.
It is important to note that Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, expressed his excitement over the launch of TREAT while adding that SHIB users will benefit significantly in the coming days while holding the newly-debuted reward cryptocurrency.
Kusama also confirmed the upcoming debut of numerous projects associated with the TREAT token and the broader Shiba Inu ecosystem. Shiba Inu marketing lead Lucie also hinted at major developments in the near future, adding that “many surprises [are] on the way.”
Shiba Inu Soaring OI
While the SHIB burn rate soared, the Open Interest (OI) for the leading meme coin also skyrocketed in the past 24 hours. As per the data provided by Coinglass, 18.91 trillion SHIB tokens worth a massive $405 million in outstanding derivatives contracts were opened spontaneously as the burn rate spiked.
Meanwhile, CoinMarketCap data shows that the price of SHIB shot up from a daily low of $0.00002004 to a daily high of $0.00002164 and $0.00002148 at the time of publication. While the meme coin is still down 75.74% from its all-time high, the soaring OIs for the digital asset have ignited hope among investors of an upcoming rally.
Notably, most of the high OI levels (about three-fourths) came from Gate.io, one of the exchanges which also saw the listing of the TREAT token. Bitget and OKX followed Gate.io.
Based on the daily chart provided by TradingView below, the accumulation of SHIB has started to jump and remains significantly high from 2024 levels, suggesting that the meme coin is still bullish.
The RSI indicator reads a value of 42.86, confirming that sellers are overall in charge of the meme coin’s price action. However, the gradient of the line suggests that a retest of higher prices is definitely possible.
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