Shiba Inu Launches TREAT Token Amid 2,229% Increase in Burn Rate
Shiba Inu (#SHIB) has launched its reward token, TREAT, on Bitget, KuCoin, and Gate.io. The SHIB burn rate surged by 2,229.01% in the past day, with over 21.06 million tokens burned, totaling 410.73 trillion SHIB removed from circulation. This reduction is expected to create a supply shortage as demand may increase with TREAT's introduction.
TREAT Token Launch
- TREAT debuted with an official airdrop for users of its listed exchanges.
- The token experienced a price drop of over 50% post-launch, currently valued at $0.0008053 with a market cap of $3 million.
- Shytoshi Kusama, lead developer, indicated that SHIB holders will benefit from TREAT and hinted at upcoming projects linked to it.
Market Activity
- The Open Interest (OI) for SHIB rose significantly, reaching $405 million in outstanding derivatives contracts.
- SHIB's price fluctuated between $0.00002004 and $0.00002164 during this period.
- Despite being down 75.74% from its all-time high, increased OI levels suggest potential bullish momentum.
Most OI originated from Gate.io, followed by Bitget and OKX. The current RSI indicator stands at 42.86, indicating seller dominance but suggesting a possible price retest.