Since last weekend, a few major shifts happened in the global crypto ranks by global market cap. For one, the popular dog-themed meme coin Shiba Inu (SHIB) stunned the crypto sphere by flipping Hedera (HBAR), a high-profile altcoin running on Distributed Ledger Technology (DLT).
Shiba Inu Coin Shoots Up In Global Crypto Ranks
One of the reasons behind the 5% bounce back rally on Easter Monday was a new suggestion from Ethereum’s (ETH) Vitalik Buterin on the parent chain’s technical improvements. While SHIB’s rebound remained soft, the dog-embossed crypto still outshined Ethereum (ETH), which dipped 1.2% in 7 days as most major-caps rebounded.
Meanwhile, Shiba Inu (SHIB) reclaimed the #19 spot, edging Hedera Hashgraph (HBAR) by less than $50 million at the time of this publication. On the other hand, HBAR Network sports a larger trading volume on Spot markets, outpacing SHIB $164M to $145M in a 24-hour period, according to CoinGecko.
Why Vitalik’s Ethereum Suggestion Is Key For SHIB
Last weekend, Ethereum’s (ETH) founder Vitalik Buterin offered his take on the upcoming tech upgrades on the Layer-1. Proposing to switch Ethereum Virtual Machine (EVM) to RISC-V as the default foundation for smart contracts on-chain, Vitalik Buterin expects to tackle long-term scalability issues and speed up Ethereum’s execution layer by nearly 100 times.
For Shiba Inu (SHIB), this implementation on the parent chain would allow a break-through adoption case. Because it’s an ERC-20 token, the new standard supports paying gas fees in Shiba Inu coin (SHIB), similarly to how Bone ShibaSwap (BONE) works on Shibarium Layer-2.
While Ether’s Pectra upgrade is slated for May 7, 2025, Vitalik Buterin warned about possible delays due to the need of a deeper restructuring. Obviously, Ethereum (ETH) has severely under-performed this year against its main big-cap altcoin competitors, bowing down to Ripple’s (XRP) 295% yearly gains amid a 50% 365-day backtrack for the largest PoS asset.
On The Flipside
- The implementation options are still being researched, which include RISC-V & EVM smart contracts side-by-side or a full-fledged RISC-V interpreter integration onto Ethereum.
- The upgrade doesn’t affect the user’s experience on the existing smart contracts, which will keep on running and will be compatible with the ones written in the updated mode.
Why This Matters
Staying relevant in the effervescent world of crypto requires dynamic solutions to meet user needs. A customized version of Ethereum where every crypto aficionado is able to choose their preferred gas fee token could revitalize Ethereum’s waning network activity.
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