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K9 Finance's KNINE Token Launches on LBank, Gains Shiba Inu Team's Support

Highlights:

  • KNINE token of K9 Finance DAO listed on LBank, boosting its market presence
  • Shiba Inu team supports K9 Finance’s new milestone, enhancing Shibarium ties.
  • Trading of KNINE/USDT begins, positioning K9 Finance as a key player in liquid staking.

K9 Finance DAO’s token, KNINE, has recently been listed on LBank. This move significantly enhances the token’s visibility and accessibility in the crypto market. LBank, a prominent cryptocurrency exchange, made this announcement through its X platform on Monday, just a few days after KNINE’s introduction on CoinW. This listing at LBank marks a crucial phase for KNINE, positioning it for increased liquidity and attracting more investor attention.

Details of the Listing

Starting from May 28, 2024, at 12:00 UTC, KNINE will be available for trading on LBank under the KNINE/USDT pair within their Innovation Zone. Enthusiasts can start depositing their tokens as early as May 27, and withdrawals will open from May 29 onwards. The detailed announcement on LBank’s website underlines the exchange’s commitment to integrating promising digital assets like KNINE.

Community and Market Impact

The listing has garnered support from notable crypto communities, including the Shiba Inu team, which took to X to commend K9 Finance. They highlighted this development as a significant achievement for the KNINE project, which also plays a vital role in the Shibarium blockchain ecosystem. By becoming the official liquid staking solution for Shibarium, K9 Finance DAO cements its position as a pioneering entity in this space.

Moreover, this integration is expected to boost the overall engagement within the Shiba Inu ecosystem, further supported by the enthusiastic response from key community figures such as Shytoshi Kusama and Kaal Dhairya. Their message on X emphasized the value this listing brings to the broader community, celebrating K9 Finance’s success in advancing crypto adoption and integration.

K9 Finance KNINE Token Burn Event on May 31

K9 Finance is gearing up for a significant token burn on May 31, marking a defining moment for its cryptocurrency, KNINE. This strategic move will permanently remove 410 million KNINE tokens from circulation, a gesture honoring Ethereum co-founder Vitalik Buterin’s noteworthy Shiba Inu burn.

The burn event will enhance the rarity of the remaining tokens by reducing the fully diluted supply of KNINE. Consequently, token holders can anticipate an increase in their percentage share of the total supply, as fewer tokens in circulation typically bolster individual holdings’ relative value.

Additionally, the event officially transitions KNINE into a deflationary token. The investment community often views this characteristic positively, as it can potentially lead to increased demand and higher token valuations over time. Significantly, this burn is not just a nod to blockchain culture but a strategic move anticipated to enrich the token’s market standing.

KNINE Price Action

As of press time, KNINE is trading at $0.00002519 up by more than 1% in the past 24 hours.  Despite the bullish resurgence after the listing, KNINE has been trading on a descending channel on the weekly and monthly charts, declining by 15% and 50%, respectively. The market capitalization is at $3.34 million, while the trading volume stands at $783,743, with a surge of more than 60%.