The Shiba Inu team confirmed that K9 Finance, a liquid staking platform, will launch tomorrow on the Shibarium network at noon EDT. This new platform will allow users to stake Bone ShibaSwap (BONE) tokens while keeping their assets accessible.
K9 Finance Liquid Staking Launches on Shibarium. Source: Shib/X
According to the Shiba Inu teamâs post on X, the launch of K9 Finance could increase the total value locked (TVL) on Shibarium and transaction volume, both of which are essential for boosting the networkâs performance.
Can K9 Finance Increase SHIB Burns?
The launch of K9 Finance could influence SHIB token burns, which help reduce the tokenâs supply. Shibariumâs Total Value Locked (TVL) currently stands at $1.19 million. If K9 Finance boosts TVL and transaction volumes, it could speed up the burn process, potentially affecting SHIBâs price.
Recent data from IntoTheBlock shows that large transactions involving Shiba Inu have spiked by 406% in the past three days. These transactions, each exceeding $100,000, indicate a growing interest in the Shiba Inu ecosystem just before K9 Financeâs launch.
Shiba Inu Address Growth. Source: IntoTheBlock
Additionally, the SHIB burn rate surged by 3,348%, with 7.8 million tokens burned in just 24 hours, according to Shib burn data.
Will Liquid Staking Trigger a SHIB Price Rally?
As of Sept. 18, Shiba Inu (SHIB) is trading at around $0.00001317, reflecting a 1.08% drop over the past 24 hours. Meanwhile, open interest in SHIB futures has risen by 2%, reaching $24.91 million, indicating increased investor interest despite the short-term price dip.
Shiba Inu (SHIB) 1-day price chart. Source: CoinMarketCap
Whale activity has sparked hopes for a potential Shiba Inu (SHIB) price rally. Crypto analyst LuckSide believes the recent accumulation of SHIB by whales, combined with the launch of K9 Finance, could push the tokenâs value upward.
Whales have also withdrawn over $4 million worth of SHIB from exchanges, often a sign of long-term confidence.
CoinCodex SHIB/USD price prediction. Source: CoinCodexÂ
However, some analysts remain cautious about Shiba Inuâs short-term prospects. CoinCodex projects a minor decline for SHIB by mid-Oct. 2024, estimating a potential drop of 0.51% to $0.00001330.
Key resistance at $0.000016 lies aheadâif SHIB surpasses this threshold, it could catalyze further interest and potentially ignite a broader rally. The full impact of liquid staking on SHIBâs price is still unfolding, with both the platformâs launch and whale dynamics critical to watch in the coming days.
The post Shiba Inu (SHIB) Coin Price Eyes Breakout as K9 Finance Launch Sparks Whale Activity appeared first on CoinChapter.
