If Vitalik Buterin Makes This Happen, SHIB Price May Rally to $0.01

A prominent Shiba Inu (SHIB) community member recently proposed an ambitious path to drive the meme coin’s price toward $0.01. The proposal, however, hinges on a significant transformation: using SHIB as a gas token on the Ethereum network.

This suggestion has sparked debate among community members, with some hopeful about its potential and others raising doubts regarding its practicality.

Shiba Inu as Ethereum’s Gas Token: A Potential Game-Changer?

In a recent post on X, a Shiba Inu community member known as “Lola” suggested that SHIB’s integration as a gas token on Ethereum could help drive its price up substantially.

Lola argued that if SHIB functioned as a secondary gas token on Ethereum, alongside ETH, it could adopt an automatic burn mechanism to control its supply. This, in turn, would drive up scarcity and potentially boost the token’s value.

Drawing a comparison to Solana’s model, she noted that in the Solana ecosystem, 50% of transaction fees are burned, which has contributed to SOL’s long-term price appreciation.

According to Lola, if Ethereum adopted a similar dual-token model where SHIB plays a role in gas fees and is burned in every transaction, Ethereum’s large transaction volume could result in a significant reduction in SHIB’s supply. Over time, this scarcity could contribute to price growth toward the highly sought-after $0.01 mark.

Lola wrote, “If you want a higher SHIB price like .01 then you’ll need to talk to Vitalik Buterin to use SHIB as gas on dual token economy Ethchain. Imagine it as a gas with an auto-burn per transaction like Solana. If not, 1-2 zeros out is my bet this bullrun – What is yours?”

Skepticism Within the Community

While some Shiba Inu proponents found Lola’s idea intriguing, others are doubtful. Several community members suggested that it may be more practical to prioritize direct burn mechanisms for SHIB rather than trying to alter Ethereum’s structure.

Many argue that Ethereum’s existing setup may be too rigid to accommodate a dual-token economy involving SHIB without significant disruptions.

Achieving a dual-token economy would involve creating a system where multiple tokens serve different functions. In other blockchain ecosystems, such as VeChain and MakerDAO, dual-token models have been successfully implemented, each token performing a distinct role.

For example, one token might be to raise investment, while the other is optimized for network operations. However, Ethereum’s foundational role of ETH as the sole gas token has been integral to its operation and value.

Technical and Regulatory Concerns

Several experts point out that integrating SHIB as a gas token on Ethereum could introduce technical and regulatory challenges.

Earlier this year, Shiba Inu marketing specialist Lucie addressed similar ideas, explaining that Ethereum’s Proof of Stake (PoS) model depends fundamentally on ETH as its sole gas token.

Integrating SHIB would likely require a complete overhaul of the network’s structure, software, and protocols, attracting significant regulatory scrutiny in the long run.

Lucie noted that Ethereum’s infrastructure has evolved around ETH as its primary asset. Attempting to modify this framework to include SHIB as a gas token could be time-intensive and costly, possibly creating disruptions and user confusion.

“Ethereum’s system, which operates on the Proof of Stake (PoS) consensus, relies on ETH as a major part of its operation,” Lucie explained. Additionally, modifications to accommodate a dual-token gas model would likely require extensive testing to ensure security and reliability within the network.

Focus on Shibarium for Practical Growth

In light of the technical difficulties associated with integrating SHIB as a gas token on Ethereum, some Shiba Inu community members like ȺTwistedMister have advised focusing on Shibarium.

Shibarium, a Layer 2 solution for Shiba Inu, already incorporates a burn mechanism in its transaction model, automatically reducing SHIB’s circulating supply with each transaction. This approach aligns with the community’s goal of promoting scarcity but works within the Shiba Inu ecosystem rather than trying to change Ethereum’s framework.

Last year, a notable increase in Shibarium’s transaction activity led to a spike in SHIB’s burn rate, suggesting that higher transaction volumes on Shibarium may provide a practical alternative for reducing SHIB supply.

Some community members believe that by focusing on Shibarium’s capabilities, they can drive meaningful progress toward SHIB’s price targets without facing the challenges and risks associated with modifying Ethereum’s core structure.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.