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Shiba Inu inks a major partnership with Chainlink, bolstering confidence in an eventual rally to ambitious price targets.
Astronomical price targets are commonplace in the crypto market as holders often fantasize about their investments yielding millions in profit and perhaps a Lamborghini or two. The Shiba Inu (SHIB) community is no different.
For the longest time, several community members have set their sights on the $0.01 price target. While clinching this price level has often felt like a far-flung dream or wishful thinking, a new development in the ecosystem is stirring hopes.
Shiba Inu SHIB X Chainlink
Shiba Inu tokens SHIB, BONE, and LEASH are set to be more accessible and have greater utility. This follows Shiba Inu’s partnership with Chainlink to integrate the protocol’s cross-chain interoperability standard.
On Thursday, December 19, the Shiba Inu team disclosed that Shibarium, Shiba Inu’s Ethereum Layer 2 chain, had integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP). At the same time, developers also disclosed that Shiba Inu ecosystem tokens SHIB, BONE, and LEASH have also adopted Chainlink’s Cross-Chain Token (CCT) standard.
.@Shibtoken has entered a partnership 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 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 an additional reason to be bullish about the recent Chainlink partnership.
Along with the Chainlink partnership, Shiba Inu developers have introduced a new tax burns feature. Per the project’s new token page, a tax will be collected on every transaction conducted on supported chains and periodically collected and burned on Ethereum.
While the details of how this tax will be calculated remain unclear, many remain excited about its potential to drive activity and add value to the ecosystem.
Shib tokens are now multichain, expanding to 12 new chains to enhance accessibility and utility for $SHIB, $BONE, and $LEASH.
Community-Driven Burn Mechanism
Every transaction across chains 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 only be the first in a series of exciting developments for the Shiba Inu ecosystem.
Shiba Inu (SHIB) Developers Tease More Excitement
In an X post on Thursday, prominent Shiba Inu developer “Kaal Dhairya” suggested that the team had more exciting developments in the pipeline. He likened the Chainlink integration to the first infinity stone set in the gauntlet, referencing the Marvel comic and movie series centered on the fictional character Thanos.
Consider @chainlink as the first Infinity Stone set into the gauntlet. On my way to restore the balance and vaporize the fudders. 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 cues, the Shiba Inu ecosystem team could have more significant announcements in the vault to align with the six infinity stones.
At the time of writing, however, SHIB’s price has yet to react positively to the news. Weighed down by a broad market correction, the token is trading at the $0.000022 price point, representing an 8.5% decline over the past 24 hours.
SHIB’s price will need to surge nearly 50,000% from current prices to hit the coveted $0.01 price point. While this may seem unrealistic, it is important to note that the doggy-themed meme coin experienced a staggering 44,000,000% price rally in 2021 with significantly less utility.