Shiba Inu’s Shibarium Integrates Chainlink’s Cross-Chain Protocol
Shiba Inu’s Layer-2 blockchain, Shibarium, has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to boost its decentralized ecosystem. This integration, announced on December 20th, allows SHIB, LEASH, and BONE tokens to function seamlessly across 12 blockchains.
By adopting Chainlink’s Cross-Chain Token (CCT) standard, Shiba Inu simplifies token transfers between networks. This partnership also benefits Shiba Inu’s decentralized finance (DeFi) developers, enabling them to create interoperable projects that leverage Chainlink’s data streams for enhanced transparency and decentralization.
The collaboration marks a pivotal transformation for Shiba Inu, shifting its image from a meme coin to a utility-driven platform with a fully diluted valuation (FDV) of approximately $11.80 billion. Currently, Shibarium hosts a total value locked (TVL) of about $3.18 million, largely derived from DeFi protocols like ShibaSwap.
Shiba Inu’s Price Decline Amid Market Downturn
Despite the technological advancements, SHIB’s price has fallen by 23.45%, dropping from $0.00002445 to an intraday low of $0.00001871. However, daily trading volume remains strong, exceeding 40% and reaching $2 billion. This trend suggests increased selling pressure or profit-taking activity.
Similarly, Chainlink’s LINK token has experienced a decline of over 20%. The broader crypto market downturn, driven by Bitcoin’s dip to the $92K range, appears to be causing market-wide consolidation.
