SHIB Arrives on Solana, Price Shrugs It Off

Shiba Inu (SHIB) has become the latest asset to be integrated with Solana via Sunrise, a platform that allows users to trade assets from external blockchains on Solana. Despite this significant development, the price of SHIB has barely budged, hovering near $0.0000057 at the time of writing.

According to Sunrise, the integration with Solana brings a canonical version of SHIB, which means a single recognized token and version. This addresses the issue of multiple unofficial copies of the same coin spreading across rival pools and making trading worse for everyone.

It's worth noting that SHIB remains an ERC-20 token on Ethereum, and this integration is not a migration. Sunrise simply allows SHIB to be traded on Solana's markets. Solana has described SHIB as 'one of the largest communities in crypto', and noted that the project has moved past its origins as a meme coin.

Sunrise uses Wormhole Labs technology to bring assets from external blockchains onto Solana. This involves creating or recognizing a canonical Solana token, provisioning liquidity, and connecting the token to wallets, decentralized exchanges, and aggregators.