The Shiba Inu coin could see a breakout very soon. Recent developments in the Shib ecosystem are growing the bullish sentiments. Just last week, the Shibarium received a major Bor upgrade and Cancun hard fork to boost performance, security and scalability. Adding to these developments, Shiba inu launched the K9 mainnet just 12 hours ago. Let’s explore what this mainnet is and how it can help Shiba inu to get more exposure and price hike.
K9 Mainnet Launch
The marketing lead of Shib, Lucie, shared details of this new product from her X account saying the wait is over.
The K9 Finance Dao is an official Shib project and with the mainnet launch, it launched a liquid staking platform for Shibarium. This latest product is called Bone Crusher. Shiba users will now be able to stake their Ethereum $BONE on Shibarium and get $knBONE, which then can be used for farming rewards in the K9 platform. According to the X post by Shibarium Network, the new product has main parts. This includes Liquid staking for $BONE, Real Yield Staking for $KNINE, farming $knBONE and Vesting $esKNINE.
How Will This Help Shiba Inu?
The launch of K9 mainnet is supposed to boost the usage of Shibarium and grow the price of Shiba Inu. It took the team almost a year to develop and launch this product. Data from Defillama shows that Shibarium currently has a total of $1.21m in total value locked, the new feature of liquid staking will help it to increase.
With the increased rate of transactions on Shibarium, the burn rate will also increase, ultimately reducing the supply. This cycle will push the price of Shiba Inu upwards.
Chart Supporting the Launch
Shiba Inu is displaying a remarkable bounce back after this launch. We can see from the chart that after this launch, the price has seen a surge of 7.61% and is currently trading at $0.00001396. Even the RSI has grown more than double, from 35 points to a current of 72.83. The moving averages are all falling into place supporting the price rise. And all this happened just a few hours after the launch of K9 Mainnet.
Looking Ahead
The rise in Shiba Inu price within a few hours of K9 launch suggests a great bull time is coming for it. The way Shiba team is bringing in new updates and products shows their dedication towards the project. The shib community is always ready to support the project by immediately accepting the new launches and driving traction. There is indeed no doubt that all the news features will drive Shiba’s price to 50x in no time.
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