'Dogecoin Killer' Shiba Inu's Liquid Staking Partner To Burn 400 Million KNINE Tokens
Portfolio Pulse from Khyathi Dalal
K9 Finance DAO, Shiba Inu's liquid staking partner, proposes to burn 410 million KNINE tokens to honor Ethereum co-founder Vitalik Buterin. The burn aims to replicate the price surge SHIB experienced in 2021 after Buterin burned 41% of its circulating supply. The proposal, which ends on May 18, has seen majority support from the community. Additionally, K9 Finance plans to invest in ETH and stablecoins to earn passive income. Shibburn data shows a 200% increase in burn rate, and Shibariumscan data indicates growth in active accounts and transactions, suggesting a positive trend for SHIB.
May 14, 2024 | 1:09 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The proposed burn of 410 million KNINE tokens by K9 Finance DAO, in honor of Vitalik Buterin, alongside the investment of ETH and stablecoins for passive income, has led to a positive sentiment in the SHIB community. This is evidenced by a 200% increase in the burn rate and significant growth in active accounts and transactions, suggesting potential short-term bullish momentum for SHIB.
The direct involvement of K9 Finance DAO in the SHIB ecosystem through the token burn proposal and the positive community response, coupled with increased burn rates and active account growth, directly impacts SHIB's market perception. Historically, token burns and active community engagement have led to price surges in cryptocurrencies. The proposal's success and the strategic investment for passive income generation could further enhance SHIB's attractiveness to investors, potentially leading to short-term price appreciation.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100