Shibarium: Why A Rise In Gas Fees Could be Bad For Shiba Inu
In the rapidly evolving crypto market, innovation and flexibility hold utmost importance. One notable innovation, Shibarium, has garnered significant attention within the Shiba Inu community. While adoption has been taking center stage, deliberations surrounding potential increases in gas fees have raised apprehensions. This is particularly true in regard to the potential consequences for the adoption and value of Shiba Inu.
Lucie, a Shiba Inu team member, has recently brought to light the possibility of a gas fee seeing an increase. This situation runs counter to Shibarium’s established image as a layer-2 protocol celebrated for its speedy and cheap transaction functions. In her post, she mentioned that the increased usage of Shibarium leads to greater traffic, consequently raising gas fees.
WE NEED TO USE #Shibarium
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium
It won't burn $SHIB if you don't use it!
Onboarding millions of people to Shibarium will take time and community effort.
More information about burns will be revealed in the upcoming documentation.
BUT it has been clearly explained in… pic.twitter.com/xjo27NlPP8(@LucieSHIB) September 4, 2023
The Shibarium team has yet to provide any specifics regarding the fee structure, leaving open the possibility that the fees might exceed initial expectations. However, not everyone was happy with this scenario.
Also Read: Shiba Inu: 9 Developments in Shibarium That Could Push SHIB to $0.01
Shiba Inu: ‘Burns without demand is nothing’
Shib Informer took to X [formerly Twitter] and listed an array of reasons why raising Shibarium’s fees could be detrimental.
Burns vs. Demand: Vitalik’s Massive SHIB Token Burn
A significant event in the Shiba Inu storyline is the substantial SHIB token burn orchestrated by Vitalik Buterin. However, this substantial burn coincided with a significant market correction, underscoring a crucial lesson: the act of burning tokens alone does not guarantee a positive impact on SHIB’s price. Instead, it was the subsequent increase in market demand, occurring months after the burn, that drove the price surge.
The Strategy for Boosting SHIB’s Value and Adoption
To ensure a sustainable rise in SHIB’s value and broader adoption, a more reliable approach is essential. This approach involves creating incentives for SHIB holders to retain their tokens and expanding the utility of Shibarium. This, in turn, enhances SHIB’s market capitalization, solidifying its role as a more influential player in both the cryptocurrency industry and the global economy.
Numerous Projects Contribute to Success
While a single project may not exert considerable influence, it’s crucial not to underestimate the cumulative impact of numerous projects leveraging Shibarium. Low fees serve as a catalyst for encouraging these new initiatives, allowing them to participate in the ecosystem with minimal financial burden.
The Vital Role of Low Transaction Fees
The linchpin in achieving these objectives hinges on the utilization of Shibarium. To attract a diverse array of users and projects, Shibarium must maintain low transaction fees. While large investors play a significant role, the true driving force behind success lies in widespread adoption, propelled by a multitude of individuals and projects.
Is mass adoption the only way forward?
Mass adoption continues to be the fundamental pathway to success, according to Shib Informer. As development teams press on with the development of Shibarium’s utilization, it’s essential to remember that value is driven not solely by token burns but by increasing demand. While the temptation to raise Shibarium fees may arise, it’s paramount to maintain a broader perspective. Demand, propelled by Shibarium’s adoption, is considered the genuine catalyst for advancing Shiba Inu’s ecosystem.
Also Read: Shibarium Daily Transactions Soar to 177K: What’s Next for Shiba Inu?
Read More
Shibarium: Why A Rise In Gas Fees Could be Bad For Shiba Inu
In the rapidly evolving crypto market, innovation and flexibility hold utmost importance. One notable innovation, Shibarium, has garnered significant attention within the Shiba Inu community. While adoption has been taking center stage, deliberations surrounding potential increases in gas fees have raised apprehensions. This is particularly true in regard to the potential consequences for the adoption and value of Shiba Inu.
Lucie, a Shiba Inu team member, has recently brought to light the possibility of a gas fee seeing an increase. This situation runs counter to Shibarium’s established image as a layer-2 protocol celebrated for its speedy and cheap transaction functions. In her post, she mentioned that the increased usage of Shibarium leads to greater traffic, consequently raising gas fees.
WE NEED TO USE #Shibarium
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium
It won't burn $SHIB if you don't use it!
Onboarding millions of people to Shibarium will take time and community effort.
More information about burns will be revealed in the upcoming documentation.
BUT it has been clearly explained in… pic.twitter.com/xjo27NlPP8
The Shibarium team has yet to provide any specifics regarding the fee structure, leaving open the possibility that the fees might exceed initial expectations. However, not everyone was happy with this scenario.
Also Read: Shiba Inu: 9 Developments in Shibarium That Could Push SHIB to $0.01
Shiba Inu: ‘Burns without demand is nothing’
Shib Informer took to X [formerly Twitter] and listed an array of reasons why raising Shibarium’s fees could be detrimental.
Burns vs. Demand: Vitalik’s Massive SHIB Token Burn
A significant event in the Shiba Inu storyline is the substantial SHIB token burn orchestrated by Vitalik Buterin. However, this substantial burn coincided with a significant market correction, underscoring a crucial lesson: the act of burning tokens alone does not guarantee a positive impact on SHIB’s price. Instead, it was the subsequent increase in market demand, occurring months after the burn, that drove the price surge.
The Strategy for Boosting SHIB’s Value and Adoption
To ensure a sustainable rise in SHIB’s value and broader adoption, a more reliable approach is essential. This approach involves creating incentives for SHIB holders to retain their tokens and expanding the utility of Shibarium. This, in turn, enhances SHIB’s market capitalization, solidifying its role as a more influential player in both the cryptocurrency industry and the global economy.
Numerous Projects Contribute to Success
While a single project may not exert considerable influence, it’s crucial not to underestimate the cumulative impact of numerous projects leveraging Shibarium. Low fees serve as a catalyst for encouraging these new initiatives, allowing them to participate in the ecosystem with minimal financial burden.
The Vital Role of Low Transaction Fees
The linchpin in achieving these objectives hinges on the utilization of Shibarium. To attract a diverse array of users and projects, Shibarium must maintain low transaction fees. While large investors play a significant role, the true driving force behind success lies in widespread adoption, propelled by a multitude of individuals and projects.
Is mass adoption the only way forward?
Mass adoption continues to be the fundamental pathway to success, according to Shib Informer. As development teams press on with the development of Shibarium’s utilization, it’s essential to remember that value is driven not solely by token burns but by increasing demand. While the temptation to raise Shibarium fees may arise, it’s paramount to maintain a broader perspective. Demand, propelled by Shibarium’s adoption, is considered the genuine catalyst for advancing Shiba Inu’s ecosystem.
Also Read: Shibarium Daily Transactions Soar to 177K: What’s Next for Shiba Inu?
Read More