A recent announcement about the introduction of the KNINE token, a Liquid Staking Derivative within the Shiba Inu ecosystem, has captured the interest of the global cryptocurrency community. Shiba Inu’s marketing figurehead, LUCIE, shared news of KNINE’s official release and the positive sentiment that has since swept across the network, boosting Shiba Inu’s profile in the crypto space.
The Ascent of KNINE
Amidst this backdrop, SHIB, the native token of the Shiba Inu ecosystem, has witnessed a staggering 240% rise in recent weeks, with noteworthy fluctuations in the past day. Nonetheless, with today’s positive trading trajectory, SHIB is drawing considerable attention from cryptocurrency traders and investors worldwide.
Following its collaborative creation with K9 Finance, KNINE debuted to significant fanfare. LUCIE has provided insights on the token’s immediate impact, boasting a spectacular $7 million trading volume mere hours after its introduction. This surge in activity positioned KNINE among the coveted tokens on the DexTools DeFi trading platform.
The token’s launch saw an impressive $12.56 million in trading volume within the first day, attracting investments from over 3,850 individuals. Maintaining its momentum, KNINE’s trading volume hit roughly $15 million by March 9, cementing its status as one of the trending crypto projects. Its holder count has since climbed to 5,760, underlining the continuous excitement surrounding the initiative.
Shiba Inu’s Market Performance
The accompanying boost in Shiba Inu’s price today underscores the community’s positive reaction to their innovative crypto projects. At the time of this report, Shiba Inu has enjoyed a 1.62% price increment over the last day, with a substantial 243% uptick over the past month. The crypto market is abuzz with activity, further evidenced by Bitcoin‘s new all-time high and other significant developments.
Despite the optimism, the OI-weighted funding rate for Shiba Inu has dipped and the RSI indicates an overbought scenario, suggesting that a price correction or stabilization may be on the horizon as investors remain watchful of the coin’s next moves.