The cryptocurrency industry is currently undergoing a significant transition, with meme coins transforming into utility tokens. Initially created as a lighthearted response to traditional financial systems, meme coins are now taking on new roles, adding an element of irony to their evolution. Shytoshi Kusama, the lead developer of Shiba Inu, has acknowledged this shift, although he believes it is happening at a slower pace than anticipated. In this changing landscape, TREAT, a new token within the Shiba Inu ecosystem, is emerging as a leader in this transition.
Kusama’s recognition of this shift came in response to a tweet by Simon Dedic, the CEO of Moonrock Capital, who referred to meme coins as “useless” but noted a trend where these tokens are redefining their utility. Dedic predicts that this trend will continue to grow and could have a significant impact on the crypto industry in the near future.
TREAT plays a crucial role within the Shiba Inu ecosystem, serving multiple functions as outlined by its creators. This new altcoin is designed to provide liquidity for the ecosystem’s upcoming SHI stablecoin. Additionally, TREAT will replace BONE as the reward token for ShibaSwap and offer rewards for the metaverse and blockchain versions of the Shiba Inu Collectible Card Game.
One of the primary purposes of TREAT is to provide liquidity for SHI, a stablecoin being developed to compete with USDT as a decentralized currency for Shibarium, Shiba Inu’s layer-2 solution. Alongside TREAT, Shiba Inu’s flagship memecoin, SHIB, has also evolved and found utility beyond speculative trading. For instance, SHIB is now being used as a payment method for online purchases on platforms like Shopping.io.
Similarly, Dogecoin (DOGE), a cryptocurrency similar to Shiba Inu, is also utilized as a payment instrument across various online platforms. However, DOGE’s lack of a capped supply makes it highly inflationary and less effective as a store of value.
As the crypto industry continues to evolve, the transition of meme coins into utility tokens represents a significant shift in the market. TREAT’s role within the Shiba Inu ecosystem and the broader implications of this transition highlight the ongoing changes within the cryptocurrency space. It is essential for investors and enthusiasts to stay informed and exercise caution when navigating this dynamic landscape.