LBank, a global crypto exchange has announced that it will list K9 Finance DAO (KININE) as a tradeable asset in the innovation zone. The update has sent excitement across the Shiba Inu ecosystem as this marks a major milestone in the lifecycle of the recently launched token.
Reacting to this, the Shiba Inu team has extended congratulations to the KNINE team and also applauded them for bringing more value to the Shiba Inu ecosystem.
LBank Extends Support for KNINE
In a recent post on X (formerly Twitter), LBank, a Hong Kong-based global cryptocurrency exchange, informed its users that it has introduced the K9 Finance DAO project on its platform. Consequently, users can now trade the asset against the USDT stablecoin (KNINE/USDT).
According to the announcement on its official website, deposits for KNINE will commence at 12:00, on May 27, 2024 (UTC). Furthermore, trading will also start at the same time. Moreover, users can start withdrawals the following day, May 29 at 12:00 (UTC).
New #listing $KNINE (K9 Finance DAO) will be listed on LBank！@K9financeK9 Finance DAO is the official liquid staking solution for Shib and the Shibarium blockchain. Details: https://t.co/H6bMmDCc5J pic.twitter.com/ae8B7hKD9u
— LBank.com (@LBank_Exchange) May 27, 2024
KNINE, a stake-to-earn token was launched on March 7, 2024, as the official liquid staking solution for Shib and the Shibarium blockchain. Users can stake KNINE to earn all the revenue from the liquid staking product and DAO. Meanwhile, introducing KNINE to the centralized exchange LBank comes just days after the token was listed on the Dubai-based CoinW exchange.
These two major listings are strategic moves to increase the tokens’ accessibility and visibility within the crypto ecosystem. The performance of the KNINE token in the market is expected to be significantly impacted by its listing on both exchanges. By becoming more accessible in a significant market, KNINE should see an increase in investor interest and improved liquidity.
Shiba Inu Team Reacts
Meanwhile, following the announcement by LBank, the Shiba Inu team took to its official X account to extend congratulations to the KNINE project. The listing has excited the broader Shiba Inu community, popularly called SHIB Army. In the post, the team expressed it as “another win for adoption,” stating that the new development will bring more value to the Shiba Inu ecosystem.
This major recognition and endorsement by the Shiba Inu team highlights the importance of the token to the ecosystem. At this time, KNINE is the only liquid staking provider on Shibarium with a deep advisory relationship in the Shiba Inu ecosystem.
K9 (KNINE) Price Amid Major Listing
The major listing of KNINE on the aforementioned crypto exchanges has had some impact on the price of the token. Following the update, the price of the token surged by 13%. However, according to fresh data from CoinMarketCap, the price of KNINE dropped significantly after the spike and is now up by 0.32% to trade at $0.000025.
What is more, the trading volume recorded over the past 24 hours has also been impacted. Per the data, it has jumped by 43.5% to $732,000. As a result, KNINE now has a live market cap of $3.3 million. Investors are closely watching the price movement to see how it reacts in the long term, with hopes of more exchanges extending support to the new project.
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