- Among the significant developments in the Shiba Inu ecosystem, there’s a notable surge in interest in a Liquid Staking Derivatives (LSD) token called KNINE.
- Following a spectacular launch on March 7th, KNINE quickly gained traction in the market, accumulating a volume of $7 million within just one hour, rapidly becoming a sought-after token on DexTools, a DeFi trading platform.
- Today’s price surge in Shiba Inu aligns with the optimism surrounding the community’s recent developmental initiatives.
In a recent development in the Shiba Inu ecosystem, the launch of Liquid Staking Derivatives platform KNINE has been praised; Here are the details!
The Latest KNINE Move in the Shiba Inu Ecosystem
In a recent post by LUCIE, Shiba Inu’s marketing lead, on the X platform today, attention was drawn to the official launch of KNINE by a community member, followed by the meteoric success of this token. This achievement has spurred a wave of optimism for Shiba Inu’s crypto venture.
With an almost 240% massive monthly increase, this progress has garnered global attention from crypto market traders and investors alike, as SHIB traded in the green today, March 13th, following a considerably volatile movement in the last 24 hours.
KNINE is an LSD token that emerged as a result of Shiba Inu’s partnership with K9 Finance and is set to debut as the next-generation Liquid Staking Derivatives platform on Shiba Inu’s L2, Shibarium.
Insights presented through LUCIE’s post reveal that following a spectacular launch on March 7th, KNINE accumulated a volume of $7 million within just one hour, rapidly becoming a sought-after token on DexTools, a DeFi trading platform. Notably, on that day alone, it attracted 2,507 investors with an almost 87% massive increase in holder count and garnered significant popularity.
Furthermore, within the first 24 hours after the Token Generation Event (TGE) of KNINE, the LSD token had an astonishing $12.56 million in 24-hour trading volume and attracted over 3,850 more holders. While maintaining this extraordinary wave of optimism, as of March 9th, KNINE solidified its position as the most trending project with approximately $15 million in trading volume. Meanwhile, at the time of writing, the hodler count reached 5.76K, indicating the project’s position as the hottest topic in town.
Today’s price surge in Shiba Inu aligns with the optimism surrounding the community’s recent developmental initiatives. Among these developmental steps were the recent SHEboshi launch, partnership with Zama, and the launch of the .Shib ad service, further showcasing the meme coin’s revolutionary crypto venture.
Rise of Shiba Inu
At the time of writing, Shiba Inu’s price has shown a 1.62% increase in the last 24 hours and is currently trading at $0.00003276 level. With a massive 243% monthly increase, the meme coin continues to create bullish waves in the crypto landscape alongside its recent developments. However, with a decrease in the token’s OI-weighted funding rate and RSI indicating overbought conditions, investors speculate a potential consolidation period.
