💥💥💥 #Shibalnu 's $0.01 Dream: The #VitalikButerin Factor and Key Strategies to Propel $SHIB
The idea of using Shiba Inu (SHIB) as a gas token on Ethereum has sparked debate within the community, with some seeing potential in the concept while others remain skeptical.
Shiba Inu as a Potential Ethereum Gas Token
- A community member named “Lola” proposed on X that integrating SHIB as a gas token on Ethereum could significantly boost its price. According to Lola, utilizing SHIB as an alternative gas token—alongside Ethereum ($ETH )—could drive up SHIB’s value through an automatic burn mechanism, gradually reducing its supply & potentially increasing scarcity. She compared it to Solana’s model, where half of the transaction fees are burned, adding to the token’s long-term value.
- Lola suggested that if SHIB were to operate as a gas token on Ethereum with a similar burn mechanism, the high transaction volume could decrease SHIB’s supply and, over time, help push its price closer to $0.01. However, this idea has been met with mixed reactions. While some in the community are optimistic, others argue that focusing solely on a burn mechanism for SHIB might be more feasible.
Challenges of a Dual-Token System on Ethereum
- Using SHIB as a gas token on Ethereum would be challenging due to ETH’s role in its PoS consensus & network functions. Transitioning to a dual-token model would require significant modifications & pose technical & security risks. While projects like VeChain and #makerdao use dual tokens, these were designed from inception, unlike Ethereum, which relies on ETH for gas fees.
A Focus on Shibarium
- Others in the SHIB community have suggested focusing on increasing transaction activity on Shibarium, a layer-2 solution that already incorporates SHIB-burning mechanisms. When Shibarium saw a spike in transactions last year, SHIB’s burn rate rose substantially, making it an attractive option for those looking to reduce SHIB’s supply without altering Ethereum’s core structure.
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