- 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 teamed up with Chainlink to enhance its decentralized ecosystem with cross-chain interoperability. According to the Dec 20th announcement, this collaboration brings Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to Shiba Inu, enabling its tokens—SHIB, LEASH, and BONE—to operate seamlessly across 12 different blockchains.
Further, by adopting Chainlink’s Cross-Chain Token (CCT) standard, Shiba Inu can now offer easier token transfers between networks. The integration will also allow Shiba Inu’s decentralized finance (DeFi) developers to build more interoperable projects, using Chainlink’s data streams to improve transparency and decentralization.
This partnership marks a major shift for Shiba Inu, turning it from a meme coin into a more utility-focused platform with a fully diluted valuation (FDV) of about $11.80 billion. As of now, the Shibarium network has a total value locked (TVL) of around $3.18 million from several DeFi protocols, mainly decentralized exchanges like ShibaSwap.
Shiba Inu Sees Price Declines Amid Crypto Market Slump
Despite the exciting integration, the price of SHIB has dropped by 23.45%, from the high of $0.00002445 to the intraday low of $0.00001871. However, the daily trading volume of SHIB remains stable above 40% having $2 billion. Still, the increased trading volume with a price decrease typically signals higher selling pressure or profit-taking in the market.
Meanwhile, Chainlink’s LINK token has also seen a significant decline of over 20%. The current market trends, influenced by Bitcoin’s price dip to the $92K zone, are likely causing some consolidation in the overall crypto market.
