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Shiba Inu Plans to Launch Stablecoin, Reward Token, Collectible Card Game
SHIB prices hardly budged on the news but gas token BONE and ecosystem token LEASH rallied.
Door Krisztian Sandor
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A lead developer behind popular meme cryptocurrency SHIB on Wednesday teased plans to expand the Shiba Inu ecosystem with a decentralized stablecoin, a reward token called TREAT as well as a collectible card game for its metaverse.
In a Medium blog post, pseudonymous developer Shytoshi Kusama said that "independent developers" are crafting a decentralized stablecoin called SHI, which "seems to avoid the issues found in other moonshots" – a likely reference to the billion-dollar Terra/luna implosion. The team expects to share more information when SHI gets closer to its final form, and plans to launch it later in 2022, the blog post said.
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TREAT, the SHIB metaverse's upcoming reward token, will be tied to the Shiba Collectible Card Game. The token will also "help provide balance to" Shiba Inu's stablecoin, the blog post said without describing how that would work. Developers are also reserving "a limited supply" of TREAT for longtime backers of the project.
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Shiba inu is the second most popular dog-themed cryptocurrency after dogecoin (DOGE); it amassed an ardent following during the latest boom in crypto. It launched in 2020 August, and later launched a decentralized exchange ShibaSwap, and ecosystem tokens BONE and LEASH, with further plans to expand the meme coin into a crypto ecosystem.
As a part of the plan, developers are working on the ecosystem's own layer 2 protocol called Shibarium that would support native app deployment and development, including a gas token called BONE. The team is separately building a metaverse project with 100,000 land plots as virtual real estate. The Shiba Inu Collectible Card game, which is in the development phase, will live in Shiba's metaverse, according to the blog post.
Shiba Inu's SHIB token traded flat in the wake of the news, but surged almost 50% in a week in June amid speculations about its Shibarium protocol. ShibaSwap's BONE token is up 6% and LEASH rose 5% in the last 24 hours.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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