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- Shiba Inu has collaborated with Chainlink. The aim of this partnership is to revolutionize the Shibarium ecosystem.
- Shiba Inu will significantly benefit through increased on-chain activity.
Shiba Inu (SHIB), the largest memecoin on the Ethereum network, has teamed up with Chainlink. The Chainlink official account revealed this cooperation in a tweet on December 20.
Shiba Inu assets SHIB, BONE, and LEASH have embraced the CCT standard, as mentioned in the release. On the other hand, the Shibarium network has made CCIP its standard cross-chain architecture.
Exploring the Chainlink and Shiba Inu Alliance
Shibarium by Shiba Inu, a layer 2 blockchain, partnered with Chainlink to integrate the Cross Chain Interoperability Protocol (CCIP). This partnership allows Shibarium to create simpler and more secure links with other blockchain networks.
Strong tools are now available to developers, enabling them to create more scalable and performant decentralized apps (dApps).
Low-latency data streams were made possible using Shibarium’s advanced technology in conjunction with Chainlink. DeFi and market analytics are only two of the many uses for that.
This acceptance has improved the compatibility of the native Shiba Inu assets, such as SHIB token, BONE, and LEASH. Composed in compliance with Chainlink’s Cross Chain Token (CCT) standard, these assets were now more valuable throughout the blockchain domain.
This event is significant for Shiba Inu since it demonstrated the company’s dedication to blockchain innovation and interoperability. Specifically, Shibarium has been an excellent choice for developers who want to compete on platforms that facilitate scaling and cross-chaining.
How is Chainlink and Shiba Inu’s Partnership Shaping the Market?
The collaboration between the Shiba Inu and the Chainlink network will result in long-term on-chain activity for the Shibarium platform. Moreover, It has a Total Value Locked (TVL) of $3.81 Million across 12 DeFi platforms, mainly DEX’s, spearheaded by ShibaSwap.
Following the partnership, the SHIB token price traded at $0.00002340. The token’s price rose more than 18%. Furthermore, it bounced off from the 200-day EMA mark in the last 24 hours.
At the same time, the Chainlink price traded at $24.22. Moving ahead, the token surged more than 22% intraday.
Shiba Inu Price Prediction: Will the Recovery Extend Toward $0.00003000?
During the daily timeframe, the SHIB token bounced off from the meaningful support zone of the 200-day EMA mark. A crypto analyst named “ShibariumGem” recently posted about Shiba Inu on the X platform.
In his post, the analyst mentioned that the whales have continued withdrawing SHIB from exchanges. That replicated a bullish sign.
Moreover, CW, another analyst, in his recent tweet, showed that Shiba Inu has completed the retracement phase ‘C.’ Furthermore, the token could see a massive upswing to $0.00003550 soon.
SHIB token’s Open Interest rose to over $60.44 Million. The OI has risen more than 6% in the past 24 hours. That reflected increased trading activity and growing investor interest in SHIB derivatives.
The immediate support zones for Shiba Inu were $0.00002000 and $0.00001800. On the other hand, the resistance zones were $0.00002550 and $0.00002700.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
