The suit made its first appearance in Stuck on Sharks where Chris and Martin (who was using Remora Power) saved Razor Mouth, the Great White Shark, from becoming Gourmand's shark fin soup.
Great White Shark
Super strong jaws
Currently there is only one power disc at the moment and it it in Chris's possession, as stated in Race for the Hippo Disc. Martin has activated Shark Powers, but this was due to a malfunction that changed his suit from orca to shark.
The disk was seen again in Chris's possession in Capture the Fishmobile, in season 3, but was not used in the episode.
The Great White Shark disk is one of several other disks that change in appearance or color throughout its usage on the show.