Shiba Inu congratulates its official liquid staking derivative (LSD) partner K9 Finance DAO as CoinW announces plans to list its native token, KNINE.
KNINE’s Upcoming Listing on CoinW
For the uninitiated, CoinW disclosed in an X post yesterday that it will soon list KNINE on its platform for trading purposes.
🎉 KNINE (K9 Finance DAO) @K9finance will be Listed on #CoinW Soon!
📚 K9 Finance is a liquid staking derivative (LSD) platform specifically designed for the Shibarium blockchain.
Follow @CoinWOfficial on Twitter for more listing updates!
Learn more: https://t.co/t8TJWPZw8R pic.twitter.com/azUidErSBZ
— CoinW (@CoinWOfficial) May 21, 2024
In a follow-up blog post, the exchange also noted that it will soon open deposit and withdrawal for the token.
“[…] The exact timing for these functions will be communicated separately,” CoinW announced.
Since the K9 team launched KNINE in March, only two centralized crypto exchanges have listed the token. They include BitMart and MEXC. With CoinW planning to list KNINE, the number of centralized exchanges supporting the token will spike to three.
Shiba Inu Congratulates K9
Although CoinW did not disclose the official date of KNINE’s listing, the news has sparked excitement within the K9 and Shiba Inu communities. Notably, the upcoming listing of KNINE on CoinW will increase the token’s liquidity and allow more traders to engage with the token.
Interestingly, the Shiba Inu ecosystem team also expressed excitement about KNINE’s upcoming listing on CoinW. In a tweet yesterday, Shiba Inu congratulated the K9 team for the listing, expressing excitement about the project’s continuous growth since its debut.
Big congrats to the @K9finance team on their upcoming listing on @CoinWOfficial
K9 Finance, the Liquid Staking Derivative (LSD) platform being built for #Shibarium is making waves! We’re excited to see their continued growth. #PartnerShib #ShibariumStrong https://t.co/oXneiXeaLy
— Shib (@Shibtoken) May 21, 2024
Recall that K9 became Shiba Inu’s official LSD partner earlier this year. K9 is responsible for enhancing the decentralized finance (DeFi) functionalities of the Shibarium ecosystem.
The K9 team has scheduled the launch of its highly anticipated LSD platform for later this year. Upon its launch, users can stake their Bone ShibaSwap (BONE) tokens to earn multiple rewards, including a liquidity token, knBONE.
KNINE Soars 1.78% as Team Prepares to Burn 410M Tokens
In the meantime, KNINE’s price has registered a slight increase of 1.78% over the past 24 hours. As of 06:42 AM (UTC) today, a unit of KNINE was changing hands at $0.00003011. The token is currently ranked as the 3,306th biggest cryptocurrency, with a market cap of $3.53 million.
Meanwhile, the K9 team is preparing to reduce the token’s supply by burning hundreds of millions of KNINE in honor of Vitalik Buterin, who contributed to Shiba Inu’s prominence by incinerating 410 trillion SHIB tokens in 2021.
The Crypto Basic reported that the team will burn 410 million KNINE tokens on May 31st. Whether the upcoming burn and KNINE’s listing on CoinW will positively impact the price remains to be seen.
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