Shiba Inu congratulates its partner on milestone

Shiba Inu congratulates its official Liquid Staking Derivatives (LSD) partner, K9 Finance DAO, as CoinW announces plans to list its native token, KNINE.

KNINE will be listed on CoinW soon
For the unfamiliar, CoinW revealed in a post yesterday that it will soon list KNINE for trading on its platform.

In a subsequent blog post, the exchange also noted that it would soon enable deposits and withdrawals for the token.

“[…] The exact timing of these features will be announced separately,” CoinW announced.

Since the K9 team launched KNINE in March, only two centralized crypto exchanges have listed the token. They include BitMart and MEXC. With CoinW’s plan to list KNINE, the number of centralized exchanges supporting the token will increase to three.

Shiba Inu congratulations K9
Although CoinW did not reveal an official date for KNINE’s listing, the news caused excitement in the K9 and Shiba Inu community. Notably, KNINE’s upcoming listing on CoinW will increase the token’s liquidity and allow more traders to participate.

Interestingly, the Shiba Inu ecosystem team also expressed excitement about KNINE’s upcoming listing on CoinW. In a tweet yesterday, Shiba Inu congratulated the K9 team on the listing and expressed excitement about the project’s continued growth since launch.

To recap, K9 became the official LSD partner for Shiba Inu earlier this year. K9 is responsible for enhancing the decentralized finance (DeFi) capabilities of the Shibarium ecosystem.

The K9 team plans to launch the much-anticipated LSD platform later this year. At launch, users can stake their Bone ShibaSwap (BONE) tokens to earn multiple rewards, including the liquidity token knBONE.

KNINE rose 1.78%, the team is ready to burn 410 million tokens
Meanwhile, the price of KNINE has increased slightly by 1.78% in the past 24 hours. As of 06:42 AM (UTC) today, one unit of KNINE was trading at $0.00003011. The coin is currently ranked the 3,306th largest cryptocurrency with a market cap of $3.53 million.

Meanwhile, the K9 team is preparing to reduce the token supply by burning hundreds of millions of KNINEs to commemorate Vitalik Buterin’s burning of 410 trillion SHIB tokens in 2021, prompting Shiba Inu’s popularity to grow.

The Crypto Basic reported that the team will burn 410 million KNINE tokens on May 31. It remains to be seen whether future burns and KNINE’s listing on CoinW will have a positive impact on the price.

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