Altcoins

Shiba Inu Partner Officially Launches Its Token, Soaring by 240%

Shiba Inu’s partner, K9 Finance DAO, has officially launched its native token, KNINE, in the crypto trading sphere.

KNINE Now Live

K9 Finance announced this development in a post on Thursday via its official website and X account, sharing the official contract address.

$KNINE token is now LIVE 🐶

Official Contract Address 👇

0x91fbB2503AC69702061f1AC6885759Fc853e6EaE

K9 Finance DAO is the Official Liquid Staking partner of the $SHIB blockchain: #Shibarium

▶️Official @Shibtoken Partner
▶️Official Shibarium Validator
▶️Fully decentralized DAO… pic.twitter.com/WS40SQLiy2

— K9 Finance DAO (@K9finance) March 7, 2024

Data from market tracking resources such as CoinMarketCap attest that KNINE is live for trading. The asset has garnered a market cap of over $14.12 million.

At press time, KNINE is worth $0.0001782. Popular decentralized exchanges that have listed the token include Uniswap and Dodoex.io.

Notably, KNINE has already garnered over 3,500 holders within 24 hours of launch, recording over 11,290 transactions.

Shiba Inu Lead Reacts to KNINE Launch

KNINE’s unveiling also attracted Shiba Inu’s leader developer, Shytoshi Kusama, who used the opportunity to caution community members against interacting with information from unofficial sources.

“Only use official guys here. [There are] lots of scammers [out there]. Pay attention,” Kusama urged the community.

Only use official guys here. Lots of scammers!!! Pay attention. https://t.co/J40w3N4yLr

— Shytoshi Kusama™ (@ShytoshiKusama) March 7, 2024

Before KNINE’s official launch on Thursday, March 7, fraudulent entities falsely asserted that the token was already trading on Uniswap, attempting to sell counterfeit tokens to unwary individuals.

Initially, the K9 Finance team deployed KNINE but halted its trading, implementing an unlocking schedule that concluded yesterday. Accordingly, the team injected $100k liquidity into KNINE to facilitate its trading availability via the Uniswap DEX.

Members of the crypto community have voiced a bullish stance for KNINE, given the team’s affiliation with Shiba Inu. Besides, the token has surged over 240% since its launch.

Shiba Inu Partner K9 Finance

Notably, K9 Finance is an official liquid staking protocol on Shiba Inu’s blockchain Shibarium. Its goal is to establish the fundamental principles of DeFi within the Shibarium ecosystem.

Last month, the Shiba Inu team announced K9 Finance as its official partner for Shibarium. Consequently, K9 Finance became a Shibarium validator, enabling stakers to earn rewards in the BONE token.

The newly launched KNINE token governs K9 Finance’s decentralized DAO. It allows holders to stake the asset and earn DAO fees and real yield from validators.

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