Shiba Inu now partners with Chainlink, creating a new era full of possibilities.
The cryptocurrency market is no stranger to lofty price predictions, with many investors dreaming of their assets soaring to unimaginable heights.
The Shiba Inu (SHIB) community shares this sentiment, with many members actively pursuing the ambitious goal of reaching a price of $0.01.
While this target has often seemed like a distant fantasy, recent developments within the Shiba Inu ecosystem are rekindling optimism among its supporters.
The Exciting Partnership with Chainlink
On December 19, 2023, the Shiba Inu team announced a significant collaboration with Chainlink, a leading provider of decentralized oracle networks.
This partnership aims to enhance the utility and accessibility of Shiba Inu tokens—SHIB, BONE, and LEASH—by integrating Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
This strategic move allows Shiba Inu’s Ethereum Layer 2 chain, Shibarium, to seamlessly interact with multiple blockchain networks.
Expanding Accessibility Across Multiple Blockchains
With this integration, Shiba Inu tokens will now be operable across 12 different blockchains, including popular platforms such as Arbitrum, Avalanche, Coinbase’s Base, Polygon, and Optimism.
This cross-chain capability not only broadens the reach of SHIB but also enhances its functionality within the crypto ecosystem.
The increased accessibility could potentially lead to greater demand, which many believe might positively influence the token’s price.
A New Tax Burns Feature: Driving Value
In addition to the Chainlink partnership, the Shiba Inu team has unveiled a new feature aimed at increasing the token’s value: a tax burns mechanism.
According to the project’s latest updates, each transaction on supported chains will incur a tax that will be periodically collected and burned on the Ethereum network.
While the specifics of this tax calculation are still under wraps, the Shiba Inu community is buzzing with excitement about its potential to stimulate transaction activity and add intrinsic value to the ecosystem.
Future Developments: More to Come
The recent integration with Chainlink may just be the tip of the iceberg for the Shiba Inu ecosystem.
In a recent post on X, prominent developer Kaal Dhairya hinted that there are more groundbreaking developments on the horizon.
Drawing a parallel with the Marvel universe, he compared the Chainlink integration to the first infinity stone being placed in Thanos’ gauntlet, suggesting that this is merely the beginning of a series of transformative updates.
Community Anticipation and Market Response
Despite the promising news, SHIB’s price has not yet responded favorably to the partnership announcement.
As of now, the token is trading around $0.00002231, reflecting an 8.5% decline in the last 24 hours, largely due to a broader market correction.
To achieve the coveted $0.01 price target, SHIB would need to experience an astronomical increase of nearly 50,000% from its current value.
While this may appear far-fetched, it’s worth recalling the extraordinary 44,000,000% price surge that Shiba Inu experienced in 2021 under less favorable conditions.
The Shiba Inu community remains steadfast in its belief that the integration with Chainlink and the introduction of the tax burns feature could pave the way for significant price movements in the future.
As developments unfold, the SHIB community eagerly anticipates further announcements that could bring them closer to their ambitious goals.
While the road ahead may be challenging, the spirit of innovation and collaboration within the Shiba Inu ecosystem could ultimately lead to a new chapter of growth and prosperity.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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