Renowned crypto analyst Lola has ignited a debate within the crypto community with recent insights shared in a post on the X platform. Lola’s analysis delves into a comparison of Solana and Ethereum, suggesting a potential role for Shiba Inu (SHIB) as Ethereum’s native gas chain. This proposal hinges on the notion that even with lowered gas fees, the volume of transactions on Ethereum would ultimately return, given its significant ecosystem.
Lola emphasizes the significance of volume in generating revenue in the world of cryptocurrency. Ethereum has generated fees of $1.65 million in the past 24 hours, derived from a volume of $2 billion. However, Solana’s gas fees are comparatively cheaper, which has attracted considerable attention. With a volume of $3 billion, Solana has accrued $3.82 million in fees, drawing both meme gamblers and traders.
Bitcoin (BTC) surged by 91% and reached an all-time high of $73,777 on March 14 after a strong uptrend since January. This bullish momentum spread positive sentiment throughout the market.
Shiba Inu capitalized on this bullish trend, surpassing market expectations by soaring 378% from $0.000009536 on February 23 to a multi-year high of $0.00004563 on March 4. However, encountering resistance at this high, SHIB, like the broader market, witnessed a retracement from March 14.
On March 16, SHIB tested the support level at $0.000023 and then made a recovery attempt, reaching its peak on March 17 at $0.00003020, representing a significant 26% increase from the previous low. Despite maintaining levels around $0.000029, SHIB faces opposition in its recent upward trajectory. As of now, SHIB is trading at $0.00002799, indicating an 8.75% surge in the last 24 hours.
However, IntoTheBlock data indicates a possible decline to $0.000026, a crucial support level for break-even addresses. To minimize this risk, SHIB must surpass the $0.000034 price level and break through the supply wall between $0.000034 and $0.000037, securing the $0.00004 territory.
Despite the challenges, SHIB’s technical indicators remain predominantly bullish. Its relative strength index (RSI) is at 58.44, indicating room for further growth without reaching overbought levels. As the debate around SHIB’s potential as Ethereum’s native gas chain unfolds, the crypto market braces for continued volatility and potential paradigm shifts.
