Ethereum (ETH), the parent chain behind the mainstream meme coin Shiba Inu (SHIB), is slated for a long-awaited hard fork, dubbed as ‘Pectra’. The idea behind the major Ethereum upgrade is to pin 11 Ethereum Improvement Proposals (EIPs) into one comprehensive package.
By doing so, the largest Proof of Stake (PoS) blockchain unleashes a flurry of improvements in network scalability, staking mechanisms, user interface upgrades and more. Moreover, this key upgrade touches upon the ability to use other ERC-20 tokens for gas fees, including Shiba Inu (SHIB).
SHIB & BONE Rise Ahead Of Pectra Launch
While Ethereum’s Pectra upgrade is set to kick off this month, this new gas fee system will start with the support of ERC-20 stablecoins, namely Dai (DAI) and USD Coin (USDC). Currently, the dev team behind Ethereum (ETH) is looking to launch Pectra’s testnet on Sepolia, slated for a March 5, 2025 release.
Sponsored
As the news arrived, Shiba Inu’s own blockchain’s gas fee token Bone ShibaSwap (BONE) inked 6.8% gains to tackle $0.2887, but retracing back to $0.2725 at the time of publication. Nevertheless, the ruthless crypto bears are yet to loosen their grip on Shiba Inu’s BONE, as the token is 20.5% down in monthly terms, summing up to a 66.9% deficit in a yearly time frame.
On the other hand, Shiba Inu’s main token SHIB is performing slightly better on a yearly basis, but February’s price crunch took the #22 ranked memecoin back below $0.000015 price levels. Sitting at a $8.36 billion market cap, Shiba Inu coin picked up 5.2% gains in 24 hours, trailing behind the general meme coin sector with a 6.5% upswing in 24 hours.
Currently residing at a 66.2B market capitalization, the memecoin section currently boasts three meme coins with over $1 billion in daily trading volume. However, Shiba Inu (SHIB) is not one of them, trailing behind in this metric to Pepe Token (PEPE), Official Trump (TRUMP) & Dogecoin (DOGE). As of press time, SHIB is exchanging hands at $0.00001408, according to CoinGecko.
On The Flipside
- The dev team have faced multiple setbacks on launching Pectra upgrade on the Holesky testnet on February 24, 2025.
- The developers later acknowledged that Pectra’s major finality issues prevented it from launching the upgrade on time.
Why This Matters
Pectra upgrade is focused on interoperability, giving extra utility for ERC-20 based tokens and eliminating the need to always have a certain amount of ETH available to cover any gas fees.
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