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The Shiba Inu (SHIB) ecosystem has experienced considerable development due to K9 Finance DAO (KNINE) acquiring a major exchange listing. When LBank announced this on May 28, 2024, it stated that the KNINE cryptocurrency would be listed on the LBank exchange.
Because of this, the Shiba Inu team recognized K9 Finance for their most recent accomplishment. Although this was happening, KNINE and SHIB's price charts indicated significant growth, as per Coingape.
K9 Finance Joins the LBank List
Trading for the KNINE/USDT pair will begin in the Innovation Zone, a significant milestone for the undeveloped project. The K9 Finance DAO is widely acknowledged as the official liquid staking solution for the Shiba Inu and Shibarium blockchains. In addition, the KNINE token, introduced on March 7, 2024, is based on a stake-to-earn operation.
Staking KNINE also allows holders to profit from the liquid staking product and the decentralized autonomous organization (DAO). The liquid staking product is scheduled to launch in the third quarter of 2024. By doing so, K9 DAO could establish itself as the first liquid staking provider on the Shibarium blockchain.
An enthusiastic response was received from the Shiba Inu meme coin community in response to the news made by LBank. Several significant individuals, like Shytoshi Kusama and Kaal Dhairya, were responsible for the official X account of the Shiba Inu team, which extended their congratulations to K9 Finance DAO on their listing.
They wrote, "Congratulations to @K9finance on their new listing!" about the post that was published by LBank. This represents another significant victory for adoption and adds even more value to the #SHIBARMY. Don't let up on the wonderful effort! Take a #PartnerShib.
The strategic significance of this listing is even further highlighted by the fact that the Shiba Inu team has given its approval. Integrating the K9 Finance DAO into the Shibarium blockchain allows it to take advantage of its first-mover advantage, as it is now the only supplier of liquid staking inside the ecosystem.
On the other hand, deposits for KNINE started on May 27, 2024, at twelve o'clock midnight UTC. While withdrawals will be available beginning on May 29, 2024, at the same time, withdrawals will be available. Additionally, it is anticipated that the KNINE listing will significantly improve liquidity and adoption, which will, in turn, drive additional involvement within the Shiba Inu ecosystem.
The price of KNINE and Shiba Inu
Following LBank's recent news, the KNINE cryptocurrency experienced a substantial spike. At its highest point, the cryptocurrency reached $0.000028, a significant increase of 12.5% over its previous closing price of $0.00002488. However, not long after that, a bearish trend began to weigh down on the KNINE cryptocurrency. Despite this, it was able to maintain a positive balance.
As of the time this article was written, the price of KNINE had increased by 0.89% to $0.00002506 on Tuesday, May 28. The 24-hour trade volume also increased by 42.54%, a significant increase. At the time of this writing, the Shiba Inu currency had increased by 0.87%, reaching a value of $0.00002472. On top of that, it is getting closer to the important resistance level of $0.000025 dollars.
Next on the agenda is the $0.00003 target, which can be reached if the SHIB price breaks above this level and maintains momentum. Furthermore, depending on the market's mentality, a jump to $0.00005 might also be anticipated. On the other hand, the number of long SHIB liquidations is currently twice as high as the number of short SHIB liquidations, which indicates that a downward trend may develop.
Photo: Microsoft Bing
