The Shiba Inu coin could be on the verge of a significant breakout. Recent developments within the Shib ecosystem are fostering bullish sentiments. Just last week, the Shibarium received a major Bor upgrade and Cancun hard fork aimed at enhancing performance, security, and scalability. Adding to these developments, Shiba Inu launched the K9 mainnet just 12 hours ago. Let’s delve into what this mainnet is and how it could potentially propel Shiba Inu to greater exposure and a price surge.
K9 Mainnet Launch
Shiba Inu’s marketing lead, Lucie, shared exciting details about the new product from her X account, announcing the much-anticipated launch:
🎉 K9 MAINNET LAUNCHES TODAY! 🎉 The wait is over. After nearly a year of development, the Bonecrusher Mainnet is now ready to be unleashed! 🐾 Happening today at 12pm EST: 🔥 Liquid Staking for #Shibarium goes live! 🔥
The K9 Finance Dao, an official Shib project, has introduced a liquid staking platform for Shibarium alongside the mainnet launch. This latest product, known as Bone Crusher, allows Shiba users to stake their Ethereum $BONE on Shibarium and receive $knBONE. These tokens can then be utilized for farming rewards within the K9 platform. According to an X post by Shibarium Network, the new product comprises several key components:
Key Components of Bone Crusher
- Liquid Staking: Stake $BONE to receive its liquid staking token $knBONE.
- Real Yield Staking: Stake $KNINE to earn $BONE, with the option to lock it for up to 12 months to gain 13x the rewards.
- Farming: Stake $knBONE/$BONE in ShibaSwap to earn additional rewards.
- Vesting: Receive $esKNINE by participating in the staking process.
How Will This Help Shiba Inu?
The launch of the K9 mainnet is anticipated to significantly boost the usage of Shibarium and consequently elevate the price of Shiba Inu. The development and launch of this product took almost a year. Data from Defillama indicates that Shibarium currently holds a total value locked (TVL) of $1.21 million, which is expected to increase with the introduction of liquid staking.
As the rate of transactions on Shibarium rises, the burn rate will concurrently increase, thereby reducing the supply. This cycle is likely to push the Shiba Inu coin’s price upward, benefitting investors and enthusiasts alike.
Chart Supporting the Launch
Following the launch of the K9 mainnet, Shiba Inu has exhibited a remarkable rebound. The price of Shiba Inu surged by 7.61%, reaching $0.00001396. Additionally, the Relative Strength Index (RSI) has more than doubled, climbing from 35 points to 72.83. The moving averages are aligning in favor of this price increase, and all this progress occurred within just a few hours of the K9 Mainnet launch.
Looking Ahead
The rapid rise in Shiba Inu’s price following the K9 mainnet launch suggests a promising bull market for the coin. The dedication of the Shiba team in continuously bringing new updates and products reflects their commitment to the project. The Shib community consistently supports these initiatives, driving immediate traction and acceptance of new launches.
There is little doubt that these new features will drive Shiba Inu’s price significantly higher, potentially achieving a 50x increase in value in no time.
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