Canine Comeback? KNINE Brushes Off 50% Loss, Gets Listed On Major Exchange
April 03 2024 - 3:34AM
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Shiba Inu’s Layer-2 blockchain, Shibarium, is experiencing a shot
of optimism amidst a bearish crypto market. K9 Finance (KNINE), a
project aiming to become the go-to platform for liquid staking
derivatives (LSD) on Shibarium, has secured a listing on BitMart, a
major cryptocurrency exchange. This move, coupled with the upcoming
launch of the K9 Finance dApp, is seen as a potential catalyst for
growth within the Shibarium ecosystem. Related Reading: Cardano
Rides The ETF Wave: Inflows Surge To Over $1 Million – Details K9
Finance offers functionality similar to Lido Finance on Ethereum.
Lido allows users to stake their Ethereum (ETH) while receiving
Lido Staked Ether (stETH) which can be used for further DeFi
activities. K9 Finance envisions a similar mechanism for Shibarium,
enabling users to stake their tokens and receive a liquid
derivative in return. This not only increases participation in the
Shibarium network but also unlocks additional utility for staked
assets. Official $SHIB Partner $KNINE will list on @BitMartExchange
Tomorrow. Congrats on the new listing. Let’s Moon Together! 🔥🚀
https://t.co/rHApwjJMAu — $SHIB KNIGHT (@army_shiba) April 1, 2024
KNINE Price At A Glance At the time of writing, the price of the
KNINE token has decreased by 9% over the previous 24 hours and is
worth $0.00009063. As a result, SHIB’s companion token gained a
bearish hue today, in contrast to the optimistic sentiments that
arose in response to the listing announcement. Despite securing a
significant exchange listing, the K9 Finance DAO (KNINE) token
experienced a sharp decline of 50% over the past 14 days, plunging
75% from its all-time high of $0.0003468 on March 10, 2024. KNINE’s
drop today looks to be consistent with the overall slump in Shiba
Inu, since SHIB’s stock also fell significantly on Wednesday. Shiba
Inu traded at $0.00002692, down nearly 11% in the last 24 hours,
fueling speculation about potential price swings. Total crypto
market cap at $2.4 trillion on the daily chart: TradingView.com The
listing on BitMart, the 44th largest crypto exchange by monthly
traffic, is a significant win for K9 Finance. It provides increased
exposure and liquidity for the KNINE token, potentially attracting
new investors and users to the Shibarium ecosystem. Major
Developments Ahead Adding further fuel to the fire, K9 Finance
recently unveiled a sneak peek of its upcoming dApp. The platform
will reportedly utilize Shiba Inu’s BONE token for validator
rewards. Users who stake their BONE on K9 Finance will receive a
wrapped version (knBONE) while their original tokens remain locked,
allowing them to participate in governance and earn rewards
simultaneously. This integration with BONE creates a symbiotic
relationship between the two projects and incentivizes
participation within the wider Shibarium ecosystem. Related
Reading: Investor Alert: Ethereum Q2 Potential Promises
Double-Digit Gains – Analyst While K9 Finance paints a promising
picture for Shibarium’s future, some factors require consideration.
The current crypto market slump could lead to price volatility for
KNINE. Additionally, the overall success of K9 Finance hinges on
the wider adoption of Shibarium itself. As a relatively new Layer-2
solution, Shibarium needs to attract developers and users to
establish a robust ecosystem. Featured image from Pexels, chart
from TradingView
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