Shiba Inu signs major partnership with Chainlink, bolstering confidence in an eventual rally toward ambitious price targets.
Astronomical price targets are common in the cryptocurrency market, as holders often fantasize about their investments generating millions in profits and maybe a Lamborghini or two. He Shiba Inu (SHIB) The community is no different.
For a long time, several members of the community they have set their sights at the target price of $0.01. While reaching this price level has often felt like a distant dream or wishful thinking, a new development in the ecosystem is raising hopes.
Shiba Inu SHIB X Chain Link
Shiba Inu SHIB, BONE and LEASH tokens will be more accessible and have greater utility. This follows Shiba Inu’s partnership with Chainlink to integrate the protocol’s cross-chain interoperability standard.
Thursday, December 19 the Shiba Inu team revealed that ShibarioShiba Inu Ethereum The Layer 2 chain had integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP). At the same time, the developers also revealed that the Shiba Inu ecosystem tokens SHIB, BONE, and LEASH also adopted Chainlink’s Cross-Chain Token (CCT) standard.
.@Shibtoken has partnered with Chainlink.
Shiba Inu assets SHIB, BONE, and LEASH have adopted the CCT standard, while @ShibariumNet has adopted CCIP as its canonical cross-chain infrastructure and data streams for low-latency market data. https://t.co/SB9r4shiNB pic.twitter .com/7Jnz7jPGhm
– Chainlink (@chainlink) December 19, 2024
Following the integration, Shiba Inu ecosystem tokens will now be accessible across 12 blockchains and will be compatible with applications on these networks. These supported blockchains include Arbitrum, Avalanche, Coinbase’s Base, Polygon, and Optimism.
While this increased utility and accessibility alone may have positive price implications for SHIB, community members have additional reason to be optimistic about the recent partnership with Chainlink.
Along with the Chainlink partnership, Shiba Inu developers have introduced a new tax burning feature. According to the project new token pageA tax will be charged for every transaction made on supported chains and will be periodically collected and burned on Ethereum.
While the details of how this tax will be calculated are still unclear, many remain excited about its potential to boost activity and add value to the ecosystem.
Shib tokens are now multi-chain, expanding to 12 new chains to improve the accessibility and usability of $SHIB, $BONE, and $LEASH.
Community-driven burning mechanism
Every cross-chain transaction contributes to a deflationary system where taxes are periodically consolidated and… pic.twitter.com/zQk7U8kdBG
– Shibarium Updates 📢 (@Shibizens) December 19, 2024
Meanwhile, the recent Chainlink integration may be just the first in a series of interesting developments for the Shiba Inu ecosystem.
Shiba Inu (SHIB) Developers Spark More Excitement
In an X post on Thursday, prominent Shiba Inu developer “Kaal Dhairya” suggested that the team had more interesting developments in the works. He compared the integration of Chainlink to the first infinity stone placed in the gauntlet, referencing the Marvel comic book and film series centered on the fictional character Thanos.
Consider @chainlink the first Infinity Stone placed in the gauntlet. On the way to restoring balance and vaporizing the bastards. Keep watching: there are more stones and bigger moves on the way.🦴🔥 #SHIBARMY #SHIB #LEASH #BONE #TREAT https://t.co/p5uzNNWwyI pic.twitter.com/6DDSmMfaGD
– Kaal (@kaaldhairya) December 19, 2024
Following these signs, the Shiba Inu ecosystem team could have bigger announcements in the vault to align with the six infinity stones.
However, at the time of writing, SHIB price has yet to react positively to the news. Depleted by a broad market correction, the token is trading at the price of $0.000022, representing a drop of 8.5% in the last 24 hours.
The price of SHIB will need to increase by almost 50,000% from current prices to reach the coveted price of $0.01. While this may seem unrealistic, it is important to note that the doggy-themed meme coin saw a staggering 44,000,000% price rally in 2021 with significantly lower profit.
