thecryptobasic.com
The price of KNINE, a cryptocurrency launched by official Shiba Inu ecosystem partner K9 Finance DAO, recently reached a new all-time high.
On March 7, K9 Finance DAO, one of the partners of the Shiba Inu ecosystem, launched its native token, KNINE. For the uninitiated, the K9 Finance DAO is the official liquid staking partner for Shiba Inu’s layer-2 blockchain, Shibarium.
The KNINE token is purportedly designed to give holders a say on the DAO. Beyond voting on proposals, holders can earn fees and real yield from validators, all features that may have attracted the community to the project in these early days.
According to CoinMarketCap data, K9 Finance DAO (KNINE) soared to $0.0003543 on March 11, its current all-time high. The all-time high represented a more than 700% increase from the token’s lowest price of $0.000048, yielding substantial profits for early buyers.
However, the token has since seen a retracement to around $0.00022, its current price at the time of writing. Nonetheless, this decline is characteristic of newly launched tokens in the crypto sphere, with KNINE’s $16 million market cap making it susceptible to such volatility.
Meanwhile, the number of on-chain addresses holding KNINE has been on the rise. From its previously reported value of around 3,500, this metric has risen to over 5,600 in less than four days.
K9 Finance DAO Aims to Unlock Shibarium Liquidity
Much of K9 Finance’s early success has evidently come from its promise to deliver a solution that has become pivotal to decentralized finance (DeFi) users on different blockchains. K9 Finance aims to bolster liquidity on Shibarium and complement the ecosystem’s TVL.
With a liquid staking solution, users can hold tokenized versions of staked assets, which they can simultaneously use across other protocols to increase yield further. Ethereum’s leading liquid staking solution, Lido, has attracted over $40 billion in capital, demonstrating the growing demand for these protocols.