The SHIB community has long explored ways to drive the Shiba Inu price to the coveted $0.01, offering ideas like token burns to induce scarcity and potentially boost the meme coin’s value. Notably, a community member has proposed an intriguing proposal to achieve the $0.01 target for Shiba Inu price by leveraging the Ethereum (ETH) blockchain.
How Ethereum Can Fuel A Shiba Inu Price Surge
Lola, a Shiba Inu community member and avid supporter, has proposed a new strategy to increase the value of Shiba Inu to new all-time highs. In an X (formerly Twitter) post, Lola disclosed that integrating Shiba Inu more deeply into the Ethereum ecosystem, specifically by using it as a gas token, could fuel a steady price increase from $0.000018 to the $0.01 milestone.
The Shiba Inu community member suggested that if Ethereum’s founder, Vitalik Buterin, can support SHIB by using it as a gas token in a dual-token economy on the Ethereum network, it could potentially drive up demand for SHIB. Currently, Shiba Inu has one of the largest meme coin followings and communities in the crypto market. The influence and support of this dedicated and vibrant community have been its primary driving force in the market.
Based on Lola’s unique proposal, if Shiba Inu were used as gas, every transaction would require some SHIB tokens, ultimately increasing its utility and value. In addition to this, Lola proposed the development of an auto-burn mechanism seen in blockchains like Solana.
A Shiba Inu community member suggested that, through an auto-burn mechanism, Shiba Inu tokens would be permanently removed from circulation with each transaction, thereby reducing its considerable circulating supply. This concept is similar to Solana’s approach, where tokens are burned during transactions.
According to Lola’s proposal, using SHIB tokens for gas on Ethereum combined with an auto burn per transaction could significantly improve the meme coin’s value and stability. The Shiba Inu community member has noted that if SHIB does not get this kind of utility upgrade, its price will be unable to hit the $0.01 mark.
Nevertheless, she has acknowledged that Shiba Inu may be able to reach a lower and more realistic target, giving up one or two zeros in the next bull run.
Community’s Reaction To New SHIB Proposal
The recent proposal to use SHIB tokens as gas on Ethereum has sparked discussions in the Shiba Inu community on X. Many SHIB members offered different views and opinions on the idea, with some expressing support by tagging Buterin and others raising objections or doubts about its feasibility.
One community member disclosed that implementing the auto-burn mechanism for Shiba Inu would be relatively easier than asking Buterin to support SHIB for gas on Ethereum. Another member suggested increasing SHIB burn rates on Shibarium, which would be an ideal solution.
