Shiba Inu’s Shibarium now integrates Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
SHIB, LEASH, and BONE tokens can seamlessly operate across 12 blockchains.
Shiba Inu’s Layer-2 blockchain, Shibarium, has partnered with Chainlink to enhance its decentralized ecosystem with cross-chain interoperability. The collaboration, announced on December 20th, brings Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to Shiba Inu, allowing its tokens—SHIB, LEASH, and BONE—to function smoothly across 12 different blockchains.
Moreover, by embracing Chainlink’s Cross-Chain Token (CCT) standard, Shiba Inu can now facilitate easier token transfers between networks. This integration will also empower Shiba Inu’s decentralized finance (DeFi) developers to create more interoperable projects, utilizing Chainlink’s data streams to enhance transparency and decentralization.
This partnership signifies a significant transformation for Shiba Inu, shifting it from a meme coin to a platform more focused on utility, with a fully diluted valuation (FDV) of approximately $11.80 billion. Currently, the Shibarium network has a total value locked (TVL) of around $3.18 million from various DeFi protocols, predominantly decentralized exchanges like ShibaSwap.
Shiba Inu Sees Price Declines Amid Crypto Market Slump
Despite the notable integration, the price of SHIB has experienced a 23.45% decline, dropping from a high of $0.00002445 to an intraday low of $0.00001871. Nevertheless, the daily trading volume of SHIB remains steady at over $2 billion, representing a stability above 40%. The increased trading volume alongside a price decrease typically indicates higher selling pressure or profit-taking in the market.
At the same time, Chainlink’s LINK token has also witnessed a significant drop of over 20%. The current market trends, influenced by Bitcoin’s price decline to the $92K range, are likely contributing to some consolidation in the overall crypto market.
