Chainlink (LINK) and Shiba Inu (SHIB) Partnership: A New Era of Blockchain Innovation and Interoperability

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 (SHIB), the leading memecoin on the Ethereum network, has joined forces with Chainlink. The Chainlink official account announced the collaboration in a tweet on December 20.

As disclosed in the announcement, Shiba Inu assets SHIB, BONE, and LEASH have adopted the CCT standard. Meanwhile, the Shibarium network has chosen CCIP as its standard cross-chain architecture.

Shibarium Layer 2 Blockchain Integrates Chainlink for Cross-Chain Advancements

Shibarium, a layer 2 blockchain by Shiba Inu, has integrated Chainlink to implement the Cross Chain Interoperability Protocol (CCIP). This partnership enables Shibarium to connect with other blockchain networks more easily and securely.

Developers now have access to powerful tools, enabling them to build decentralized applications (dApps) that are more scalable and performant.

Shibarium’s advanced technology, combined with Chainlink, has facilitated low-latency data streams. This can be utilized for various applications, including DeFi and market analytics.

The native Shiba Inu assets, such as the SHIB token, BONE, and LEASH, have enhanced their compatibility with this integration. These assets, created in adherence to Chainlink’s Cross Chain Token (CCT) standard, have now become more valuable across the blockchain landscape.

This event marks a significant step for Shiba Inu, showcasing the company’s dedication to blockchain innovation and interoperability. Notably, Shibarium has emerged as a choice for developers seeking to build on platforms that facilitate scaling and cross-chaining.

How Chainlink and Shiba Inu Partnership May Impact the Market

The collaboration between the Shiba Inu and Chainlink networks is expected to drive sustained on-chain activity for the Shibarium platform. It currently has a Total Value Locked (TVL) of $3.81 Million across 12 DeFi platforms, primarily DEX’s, led by ShibaSwap.

Following the partnership announcement, the SHIB token price was trading at $0.00002340. The token’s price increased by over 18%, bouncing off from the 200-day EMA mark in the last 24 hours.

Meanwhile, the Chainlink price was trading at $24.22. Moving ahead, the token surged by over 22% intraday.

Shiba Inu Price Prediction: Recovery to Extend Towards $0.00003000?

On the daily timeframe, the SHIB token bounced off from a key support zone, the 200-day EMA mark. A crypto analyst on the X platform, went on to post about Shiba Inu recently.

In his post, the analyst mentioned that the whales have continued to withdraw SHIB from exchanges. This denoted a bullish sign.

Meanwhile, CW, another analyst, in his recent tweet, showed that Shiba Inu has completed retracement phase ‘C.’ Moreover, the token may see a massive upswing to $0.00003550 soon.

The Open Interest for the SHIB token increased to over $60.44 Million. The OI rose by over 6% in the past 24 hours. This indicated increased trading activity and growing investor interest in SHIB derivatives.

The immediate support zones for Shiba Inu stood at $0.00002000 and $0.00001800. The resistance zones, on the other hand, were $0.00002550 and $0.00002700.

This article is intended for informational purposes only and does not constitute 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