A recent proposal from a Shiba Inu ($SHIB
munity member has sparked discussion about a potential price boost through positioning SHIB as a gas token on Ethereum. By utilizing SHIB as a secondary gas token with an automatic burn mechanism, this idea aims to reduce SHIB’s circulating supply and potentially push its value closer to $0.01.
SHIB as Ethereum’s Gas Token: A Potential Breakthrough?
The proposal suggests SHIB could adopt a model similar to Solana’s, where a portion of transaction fees is burned. Community member “Lola” on X proposed that SHIB, if used in this capacity, could integrate an automatic burn feature. Such a mechanism could create deflationary pressure by reducing the supply, thus potentially increasing demand over time.
Mixed Reactions Within the Community
While some SHIB enthusiasts see potential in this proposal, others have raised questions:
Community Concerns: Some argue that a dual-token system requiring SHIB as an Ethereum gas token would be impractical and challenging to implement, as Ethereum's design relies on ETH for gas fees.
Technical and Structural Challenges: Ethereum’s Proof of Stake (PoS) model is structured exclusively around ETH for transaction fees. Modifying this system to include SHIB would require significant changes to Ethereum’s protocols, a process that could attract regulatory scrutiny and impact the network's stability.
Technical and Regulatory Hurdles
Incorporating $SHIB as an Ethereum gas token would involve overcoming both technical and regulatory challenges. Ethereum’s network relies solely on ETH for gas fees, and shifting to a dual-token model would necessitate changes that may complicate the network’s stability and governance structure. Regulatory challenges may arise, particularly with increased scrutiny of cryptocurrency protocols.
Focusing on Shibarium: A Practical Path Forward
Acknowledging these complexities, many community members suggest focusing on Shibarium, Shiba Inu’s Layer 2 solution. Shibarium already includes a burn mechanism, reducing SHIB’s supply with every transaction within its ecosystem. This approach supports SHIB scarcity and price growth without altering Ethereum’s foundational framework. Shibarium’s transaction growth has shown promise in accelerating SHIB’s burn rate, aligning with the community’s long-term price goals.
Conclusion
While the concept of $SHIB as a secondary gas token on Ethereum is ambitious, focusing on Shibarium may present a more realistic path toward SHIB’s goal of reaching $0.01. By capitalizing on Shibarium’s burn mechanism, SHIB can continue to reduce its supply in a sustainable, community-driven way.
Disclaimer: This content is for informational purposes only and not investment advice. Always do independent research and invest responsibly.
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