Shiba Inu Team Announces Rewards as TREAT Token Goes Live on Exchanges
- TREAT token trading launched on Bitget, KuCoin, and Gate.io with a $15.7M daily volume.
- Shiba Inu burn rate surged 2,229%, removing over 21M SHIB 24 hours post-TREAT launch.
- TREAT token price hit $0.15 on Bitget before stabilizing at $0.021 on major exchanges.
The Shiba Inu ecosystem team has officially introduced its new reward token, TREAT, which began trading on three cryptocurrency exchanges: Bitget, KuCoin, and Gate.io. The announcement was made via a tweet. The team encouraged users to purchase TREAT through its initial centralized exchange partners. Further, it cautioned about risks, including scams and fake tokens, and urged traders to be on the lookout.
TREAT Token Distribution and the Airdrop
Trading for TREAT commenced at 11:00 a.m. (UTC) on January 14th and is initially listed on Bitget, KuCoin, and Gate.io. These platforms confirmed TREATs listing last week and allowed deposits as soon as the announcement was made.
To start the tokens launch, the Shiba Inu ecosystem team also organized an airdrop to give out free tokens to these exchange users. The participants were required to provide their account IDs and deposit addresses, and they were given a minimum of 1,250 TREAT tokens, equivalent to $12.50, at the initial listing price of $0.01.
When TREAT went live, its price increased to $0.035 on KuCoin and $0.15 on Bitget. TREAT has a total token supply of 10 billion tokens and daily trading volumes of about $15.7 million.
Shiba Inu Ecosystem Signals Future Developments.
After the launch of TREAT, Shytoshi Kusama, the head of the Shiba Inu ecosystem, posted on X (formerly Twitter). Kusama said that even though the launch was not easy, it marks the start of a new era for the Shiba Inu ecosystem. He also hinted at further plans for future rewards connected to TREAT.
Lucie, the marketing lead of the Shiba Inu ecosystem, also added to the sentiment stating that this is only the beginning of the potential of TREAT. The team noted that more surprises and developments regarding TREAT will be unveiled in the next few weeks.
Shiba Inu Burn Rate Rises after TREATs Launch
The burn rate of Shiba Inu has risen significantly since the TREAT launch. Within the last 24 hours, over 21 million SHIB tokens have been burnt, a rise of 2,229% compared to previous levels. The burn has decreased the total supply of SHIB, which may raise its scarcity.
This spike in the burn rate coincides with a rise in open interest for SHIB, with $405 million worth of derivatives contracts being opened. The high trading volumes for SHIB derivatives, especially on Gate.io, are considered a bullish signal for SHIB despite the token having declined 75.74% from its all-time high.
Read more: https://www.tronweekly.com/shiba-inu-treat-token-trading-begins/
Text source: TronWeekly
