Canine Comeback? KNINE Brushes Off 50% Loss, Gets Listed On Major Exchange

The Shiba Inu‘s Layer-2 blockchain, Shibarium, is seeing renewed hope amidst a down crypto market. K9 Finance (KNINE), which aims to be the leading platform for liquid staking derivatives (LSD) on Shibarium, has been listed on BitMart, a well-known cryptocurrency exchange. This development, along with the upcoming launch of the K9 Finance app, is believed to spark growth within the Shibarium community.

At K9 Finance, we provide features akin to Lido Finance on Ethereum. With Lido, Ethereum users can stake their ETH and receive Lido Staked Ether (stETH), which they can utilize for various DeFi tasks. In the same vein, K9 Finance aims to create a comparable system for Shibarium. By staking their tokens with us, users will receive a liquid derivative as a reward. This not only boosts engagement in the Shibarium network but also unveils new possibilities for utilizing staked assets.

Official $SHIB Partner $KNINE will list on @BitMartExchange Tomorrow.
Congrats on the new listing. Let’s Moon Together!
— $SHIB KNIGHT (@army_shiba) April 1, 2024

KNINE Price At A Glance

Currently, the cost of KNINE has dropped by 9% within the last 24 hours and is valued at $0.00009063. This decline has given SHIB‘s related token a bearish tone today, contrary to the positive feelings sparked by the recent listing announcement.

Although obtaining a major exchange listing, the K9 Finance DAO token (KNINE) saw a steep drop of 50% in value over the last fortnight, representing a 75% decrease from its peak price of $0.0003468 on March 10, 2024.

The decline in KNINE today aligns with the broader downturn of Shiba Inu, as SHIB‘s value dropped significantly by around 11% within a day, causing anticipation about possible price fluctuations. Shiba Inu was previously priced at $0.00002692.

Canine Comeback? KNINE Brushes Off 50% Loss, Gets Listed On Major Exchange

Getting listed on BitMart, the crypto exchange with the 44th highest monthly traffic, is a major achievement for K9 Finance. This listing brings greater visibility and accessibility to the KNINE token, which could draw in fresh investors and users to the Shibarium platform.

Major Developments Ahead

K9 Finance has added more excitement to the ongoing buzz by revealing a preview of its upcoming decentralized application (dApp). The new platform is said to employ Shiba Inu’s BONE token for validator compensation. By staking their BONE tokens on K9 Finance, users will receive a wrapped version (knBONE) while keeping their original tokens secured. This dual benefit enables users to engage in governance and earn rewards all at once. The collaboration between the two projects fosters a mutually beneficial relationship and encourages active involvement within the Shibarium ecosystem.

K9 Finance presents an optimistic outlook for Shibarium’s future, but there are some important factors to keep in mind. The ongoing crypto market downturn could cause price fluctuations for KNINE. Moreover, the ultimate success of K9 Finance relies heavily on the broader acceptance and usage of Shibarium as a new Layer-2 solution. To build a thriving ecosystem, Shibarium must draw in developers and users.

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2024-04-03 10:52