Shiba Inu Gears Up for Major Pump as Bullish Price Action Emerges: Can SHIB Be Used to Pay Ethereum (ETH) Gas Fees?
Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, appears to be forming a bull flag pattern on the daily chart, according to a recent tweet by crypto analyst Ali.
The bull flag pattern is a bullish continuation pattern that occurs when a stock or cryptocurrency experiences a sharp rise, followed by a period of consolidation in a parallel channel.
Ali has placed buy orders around $0.000018343, anticipating a bullish breakout that could send SHIB soaring to $0.000072323. If the bull flag pattern plays out as expected, SHIB could be poised for significant gains in the near future.
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Can Ethereum Use SHIB as Gas Fee? Shiba Inu Dev Weighs In
In a separate tweet, Shiba Inu developer LUCIE addressed the question of whether Ethereum could use SHIB as a gas fee token. Gas fees are the transaction costs paid to miners for validating and processing transactions on the Ethereum network.
LUCIE clarified that the Ethereum network’s design specifically caters to its native cryptocurrency, Ethereum (ETH), which serves as the gas fee token. The network has built-in mechanisms and protocols that understand and process ETH transactions, and it may not have the same compatibility with alternative tokens like SHIB.
Furthermore, using a different token as a gas fee could potentially lead to technical and security issues. The Ethereum network relies on a consensus mechanism called Proof of Stake (PoS) to ensure the integrity of transactions. Introducing a different token could disrupt this mechanism and compromise the security and reliability of the network.
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Show more +LUCIE also pointed out the practical considerations of using an alternative token as a gas fee. Ethereum has a well-established ecosystem with widespread adoption and infrastructure supporting its use as a gas fee token. Introducing a different token like SHIB would require significant changes to the existing infrastructure and may create confusion and complexity for users.
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While the idea of using SHIB as a gas fee on the Ethereum network may seem appealing to some, it is not currently feasible or practical due to technical, security, and compatibility reasons. The Ethereum network is designed to work with ETH as its native gas fee token, and changing that would require significant modifications to the network.
However, the bull flag pattern on SHIB’s daily chart, as identified by analyst Ali, suggests that the cryptocurrency may be poised for a bullish breakout. If the pattern plays out as expected, SHIB could potentially experience significant gains in the near future.
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