Shibarium ecosystem developer K9 Finance announced the launch of a new token, KNINE. Let’s figure out whether Shiba Inu SHIB will be able to touch the $0.00001 mark against the backdrop of important news.
KNINE holders will receive a reward in BONE
Token generation will occur on March 7, 2024. KNINE owners will be rewarded with BONE earned by validating Shibarium transaction blocks. Decentralized Autonomous Organization (DAO) K9 Finance announced that the KNINE pre-sale is now complete and confirmed that token generation will be the next big event.
On the same day, the K9 Finance team will provide the code for auditing and checking for errors, and then upload it to the test network. After this, the developers will integrate with the Shibarium bridge and the Shibaswap decentralized exchange, and then release the final version. More details about the K9 and Shibarium partnership will likely be revealed on Twitter Spaces on February 21st.
#Shibarium & @K9finance
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) February 16, 2024
K9 Finance is a liquid staking platform dedicated to Shibarium. It will allow you to block BONE tokens to ensure network security and receive derivative knBONE tokens in return.
Development of Shibarium spurs interest in SHIB
Earlier this week, developer LUCIE shared preliminary timing for the expected Shibarium update and talked about new functionality for the SHIB and BONE tokens, which will appear as part of a larger update by the end of 2025. Additionally, new decentralized applications will burn SHIB tokens to complement the burning of transaction fees.
LUCIE also announced the launch of a new NFT collection called Sheboshi, which will complement the existing Shiboshi. She noted that holders of NFTs from the original collection will be entitled to receive tokens for free.
Shiba Inu Forecast: Should We Expect a Bullish Breakout?
A closer look at the daily timeframe shows that SHIB broke through the descending resistance line on February 15th. This served as a catalyst for growth.
The price is currently facing very strong resistance at $0.000009545 formed by the 0.5 Fibonacci retracement level, the channel midline and the horizontal resistance area. This is a key reversal area that can determine whether the trend going forward is bullish or bearish.
A successful break above this confluence of resistance levels could result in a 30% rise in price to the channel resistance line at $0.0000125.
