Shiba Inu Team Voices Optimism Over Shibarium’s New Partner, BONE Price Soars 9%

In a significant gust of developments, Shiba Inu, one of the most prominent meme coins functioning atop Ethereum, recently entered into a noteworthy partnership with K9 Finance, a leading Liquid Staking Derivatives (LSD) platform, aiming to facilitate seamless BONE staking on Shiba Inu’s L2, Shibarium.

Following this partnership, the meme coin’s team recently expressed immense optimism for the above-mentioned collaboration, eyeing the imminent launch of liquid staking derivatives on Shibarium. Furthermore, as per a post shared by LUCIE, a prominent member of Shiba Inu’s team, the community assures its members of fostering a more efficient and flexible BONE staking process, propelling optimism for the SHIB tokenomics.

Meanwhile, BONE, a flagship token associated with the Shiba Inu community, surged whoppingly, mirroring the partnership’s focus on BONE staking.

Shiba Inu’s LUCIE Highlights Key Details

According to the post shared by LUCIE, the recent partnership with K9 Finance zeroes in on some of the critical aspects orbiting BONE.

The first objective is to offer hassle-free BONE staking on Shibarium, thereby delegating BONE tokens to a Validator node, in turn securing the Shiba Inu L2. Whereas, the second is to offer KnBONE tokens in addition to BONE rewards, as a representation of staked BONE assets, which can be traded freely before the unstaking period.

Moreover, intriguingly, these KnBONE tokens can further be utilized on Shibarium’s DEX, empowering the trading of assets, minting of NFTs, and providing liquidity, among many others. Simultaneously, when a user wants to undelegate their BONE tokens, returning the equivalent amount of KnBONE will get the chore done.

Also Read: South Korea To Probe OKX Amid Crypto Crackdown, What’s Next?

BONE Price Surges

As of press time, the ShibaSwap BONE price noted an upswing of 8.80% from the intra-day low and is currently trading at $0.6085. The sudden jump in the flagship token’s price appears to come as a result of the aforestated partnership, birthing market optimism for the token. Concurrently, BONE’s market capitalization and 24-hour trading volume surged by 9.01% and 53.62% to $139,607,787 and $7,572,097 respectively reflecting the increasing investor confidence.

Meanwhile, Shiba Inu’s price traded with quite the volatility today, showcasing a 0.08% plunge in the past 24 hours. The current SHIB price rests at $0.000008908 with a market cap of $5.24 billion down 0.17%. SHIB’s trading volume however surged by 4.26% to $74,069,844.

Also Read: Spot Bitcoin ETFs Saw $33 Million Net Inflow, BlackRock Inflow Slows to Record Low

✓ Share:

Advertisement

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Advertisement