A member of the Shiba Inu community has reignited conversations around SHIB's potential to reach $0.01, sparking debates on whether such a target is feasible. The proposal hinges on $SHIB being used as a gas token within the Ethereum network, but does this ambitious plan hold water?
Shiba Inu as Ethereum’s Gas Token: The Vision
Community member "Lola" shared the idea that SHIB could serve as a gas token on Ethereum alongside $ETH , introducing an auto-burning mechanism to reduce supply and increase SHIB's price. Drawing parallels with Solana’s transaction model, Lola argued that every Ethereum transaction could contribute to SHIB's value through fee burning, potentially supporting a price rise to $0.01.
The Community's Reaction: Hope vs. Skepticism
While some $SHIB holders saw promise in Lola’s idea, others remained skeptical, suggesting that focusing solely on SHIB-specific burn mechanisms might be more realistic. The primary challenge lies in Ethereum’s current architecture, which is designed for ETH as the sole gas token.
Challenges of Implementing a Dual-Token Model
Adopting a two-token model like those used by VeChain or MakerDAO would be complex for Ethereum. Shiba Inu’s marketing specialist, Lucie, noted that Ethereum’s Proof of Stake (PoS) system fundamentally relies on ETH. Modifying the network to integrate SHIB as a gas token would require substantial changes to Ethereum’s software and protocols, posing significant technical and security challenges, and likely incurring high costs and time investments.
A More Practical Approach: Shibarium
Other community members suggest focusing on Shibarium, Shiba Inu's own blockchain platform, which already incorporates SHIB burns through transaction fees. Boosting activity on Shibarium could naturally increase SHIB’s burn rate, as seen last year when a surge in transactions significantly spiked the burn rate.
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