Several networks have come together in the past to boost their utility, performance, and ecosystem in general. More recently, the Shiba Inu (SHIB) network announced its collaboration with Chainlink (LINK). The latest partnership, Shibarium, Shiba Inu’s Layer-2 blockchain, would primarily use Chainlink’s blockchain interoperability standard as its cross-chain architecture. Would this impact the price of both these networks?
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Looking Into The Latest Partnership
Source: Watcher Guru
Along with the latest integration, assets like BONE and LEASH will be accessible on 12 blockchains thanks to the adoption of the Cross-Chain Token (CCT). Token transfers between Ethereum and other chains are made possible by the lock-and-mint process, but the burn-and-mint technique makes cross-chain transfers between all other networks possible.
Shytoshi Kusama, the lead developer of Shiba Inu, called the development “huge news” for the meme coin market.
This is HUGE news for the #SHIBARMY and $SHIB, $BONE, AND $LEASH. Expect much more from this partnershib! https://t.co/99nRkzdA01
— Shytoshi Kusama (@ShytoshiKusama) December 19, 2024
In addition, Shibarium developers will be able to create dependable, feature-rich cross-chain apps that expand the Shibarium network with the help of Chainlink CCIP. Speaking about the same, Johann Eid, Chief Business Officer at Chainlink Labs, said:
“We’re excited to enter a partnership with Shiba Inu and grow its ecosystem together. The integration of Chainlink CCIP as Shibarium’s canonical cross-chain solution and Shiba Inu’s adoption of the CCT standard will enhance its capabilities and drive wide adoption of its ecosystem.”
It should be noted that Chainlink’s standard would make Shiba Inu assets more accessible. This could further raise demand. The partnership may also open up additional industry-specific use cases for Shibarium.
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Did Shiba Inu’s Price React To This Collaboration?
Source: CoinMarketCap
The Shiba Inu network was in sync with the broader market. Over the past 24 hours, the cryptocurrency market recorded a major drop. At press time, the meme coin was trading at $0.00002208 following a nearly 9% downfall in the last day.
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It seems like the Chainlink was following a similar trend. LINK was down by 7.66% throughout the past day. During publication, the altcoin was trading at $22.95.
