Today, April 2, prominent members of the Shiba Inu cryptocurrency community drew attention to the impending token listing, with Shiba Inu’s KNINE, an LSD (Liquid Staking Derivatives) token, attracting investors amid major developments. It attracted a lot of attention. In a post shared by SHIB Knight on X, the famous cryptocurrency trading platform recently extended support for the KNINE token, revealing plans to list it on the platform and start trading the same starting today.
KNINE is a token born from a partnership between Shiba Inu and K9 Finance, a liquid staking derivatives (LSD) platform on the Shibarium network. It aims to promote and promote DeFi (decentralized finance) across Shiba Inu’s Layer 2 solution, Shibarium.
BitMart listed on KNINE
According to SHIB Knight’s post, bit mart plans to list KNINE tokens on its platform from 15:00 UTC today, April 2nd. In line with this, the trading pair KNINE/USDT will all be listed on the platform, and the same trading pair will be launched today at 3:00 PM (UTC).
This is a pivotal achievement as the KNINE LSD token continues to move forward in its crypto venture since its recent entry into the world of cryptocurrencies. Meanwhile, in contrast to the token’s optimistic listing news, crypto market enthusiasts seem to be broadly paying attention to this token, as its price has declined significantly today.
Interestingly, as we have seen previously, cryptocurrencies have faced very wild price fluctuations after their listing on exchanges. Blur, DYM, and many other cryptocurrencies rebounded significantly after being listed, while tokens such as RONIN recorded significant declines after being listed. This collectively generated speculation regarding the future price trend of KNINE as the LSD token appears to be facing a decline after the listing news surfaced in the market.
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KNINE dips
At the time of writing, the KNINE token price has fallen by 8.24% in the past 24 hours and is currently trading at $0.00009063. This added a bearish tone to SHIB’s partner token today, in contrast to the optimistic sentiment generated by the listing announcement. However, with Bitmart expanding its support for KNINE following its listing, crypto market enthusiasts are hopeful that the token will provide a cushioning effect first.
On the other hand, today’s sharp decline in KNINE also seems to be in line with the broader downward trend witnessed by Shiba Inu, as even the price of SHIB fell significantly today. Shiba Inu has seen its token depreciate by 10.89% in the past 24 hours, trading at $0.00002692, increasing speculation about changes in future price trends.
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