Shiba Inu token may see a breakout soon. Recent developments in the Shib ecosystem are reinforcing bullish sentiment. Just last week, Shibarium underwent a major Bor upgrade and Cancun hard fork to improve performance, security, and scalability. In addition to these developments, Shiba Inu just launched its K9 mainnet 12 hours ago. Let’s explore what this mainnet is and how it can help Shiba Inu gain more exposure and price appreciation.
K9 Mainnet Launch
Shib’s head of marketing, Lucie, shared details of the new product from her X account and said the wait is over.
K9 Finance Dao is an official project of Shib, and with the launch of the mainnet, it has launched a liquidity staking platform for Shibarium. This latest product is called Bone Crusher. Shiba users can now stake their Ethereum $BONE on Shibarium and receive $knBONE, which can then be used to obtain rewards on the K9 platform. According to the X post of Shibarium Network, the new product has major parts. This includes liquidity staking of $BONE, real yield staking of $KNINE, farming of $knBONE, and vesting of $esKNINE.
How does this help the Shiba Inu?
The launch of the K9 mainnet is expected to boost Shibarium usage and increase the price of Shiba Inus. The team spent nearly a year developing and launching the product. According to Defillama, Shibarium currently has a total value locked of $1.21 million, and the new feature of liquidity staking will help it rise.
As the Shibarium transaction rate increases, the destruction rate will also increase, eventually leading to a decrease in supply, and this cycle will push up the price of Shiba Inu.
Supported charts for publishing
The Shiba Inu showed a remarkable rebound following this release. We can see from the chart that the price surged by 7.61% following this release and is currently trading at $0.00001396. Even the RSI has more than doubled, from 35 points to its current level of 72.83. The moving averages are all in place, supporting price growth. This all happened just a few hours after the K9 mainnet launch.
Looking ahead
The price of Shiba Inu increased within a few hours after the release of K9, which shows that the bull run of Shiba Inu is coming. The way the Shiba Inu team rolls out new updates and products shows their dedication to the project. The Shiba Inu community is always ready to support the project by immediately accepting new products and driving development. There is no doubt that all these new features will soon increase the price of Shiba Inu by 50 times.
