K9 Finance, a liquid staking solution on Shiba Inu’s L2 blockchain Shibarium, unveils its newest advisors.
The K9 Finance official X handle unveiled two prominent Shiba Inu developers, Shytoshi Kusama, and Kaal Dhairya, as the newest advisors for its crypto project.
Although the announcement did not specify their job responsibilities, Kusama and Dhairya are expected to make significant contributions to the technical aspects of the K9 project.
Kusama and Dhairya Experience
Kusama and Dhairya have been instrumental in developing all Shiba Inu projects. While Kusama is the lead developer of the Shiba Inu ecosystem, Dhairya is known for developing Shibarium.
Following their contributions as SHIB developers, Shiba Inu’s projects have gained widespread adoption, leading to a spike in SHIB’s price. Notably, the price of SHIB has surged over 168% in seven days and 259% over the past month. SHIB was changing hands at $0.00003423 in the hours leading up to press time.
Based on their successes within the Shiba Inu ecosystem, K9 Finance onboarded them as its advisors to also bolster the adoption of its new project.
Shiba Inu Lead Reacts
Reacting to the development, Kusama referred to the move as another win for the month of March. He expressed enthusiasm, stating that his collaboration with the K9 Finance team will further strengthen Shibarium.
Great to work with the team to bring more power to Shibarium. Another win in this incredible month! https://t.co/igbsx8pFhJ
— Shytoshi Kusama™ (@ShytoshiKusama) March 7, 2024
K9 Officially Launches Native Token
It bears mentioning that the appointment of Kusama and Dhairya as advisors of K9 Finance comes a few hours after the team launched its native token, dubbed KNINE.
The token launched on Uniswap yesterday at 17:00 (UTC) after the team injected $100,000 liquidity into KNINE to facilitate its trading on the Ethereum-based decentralized exchange.
Shortly after its launch, KNINE embarked on a parabolic run that saw its price surge by 240% in hours. At the time of writing this line, KNINE was trading at $0.0001325, up 174% in the daily charts.
Its market cap is currently $10.55 million, and its 24-hour trading volume is $9.93 million. Since its launch on March 7, the token has already had 3,628 holders and 11,763 transfers.
The widespread adoption of KNINE can be attributed to the token’s affiliation with the Shiba Inu project. Consequently, Shiba Inu community members have been supportive of K9 and have joined other notable investors in acquiring the KNINE token.
While K9 Finance has launched its official token, its liquid staking platform is still in development, with plans to deploy the solution on Shibarium soon.
Like most Shibarium projects, the K9 liquid staking platform will contribute to the ongoing SHIB burn initiative and bolster the network’s total value locked (TVL).
It is worth noting that K9 Finance is an official partner of the Shibarium network. K9 became an official partner and validator of Shibarium last month, allowing users to stake and earn rewards in BONE.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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