Lithuania-based crypto payments platform CoinGate highlights a significant increase in Shiba Inu’s (SHIB) use as a payment method.
According to CoinGate, Shiba Inu recorded a staggering 76% increase in orders on its platform in the second quarter of 2024.
Factor That Bolstered SHIB Orders
CoinGate attributed this spike to its expansion of Shiba Inu’s support to other notable networks, including BSC and Polygon, making it convenient for users to adopt SHIB for payments.
Notably, SHIB’s expansion into the two prominent networks was driven by strong demand from Shiba Inu community members. In its latest report, CoinGate highlighted an X post published in Q2 2024, specifically on May 10, where it confirmed expanding support for SHIB to the BSC and Polygon networks.
“As a result, this move [expansion] significantly impacted overall Shiba Inu order volumes, with SHIB orders increasing by 76% compared to Q1 2024,” CoinGate remarked.
Commenting on the development, CoinGate confirmed that the enthusiastic and strong response from the Shiba Inu community reflects the asset’s popularity in the industry. They expressed their excitement to be part of the token’s success.
Shiba Inu Reacts
Notably, the official X handle of Shiba Inu called attention to the development via an X post. The ecosystem team said the spike in Shiba Inu orders confirms that “adoption is happening” for the popular dog-themed token.
Furthermore, it invited Shiba Inu community members to reveal the items they purchased using SHIB.
@CoinGatecom saw a 76% jump in #ShibArmy using $SHIB as a payment method in Q2! Adoption is happening! What have you bought using Shib? https://t.co/ntokH7VoLJ https://t.co/6iSRBqBubm pic.twitter.com/wEbxSAATIE
— Shib (@Shibtoken) July 26, 2024
CoinGate’s Support for SHIB
It bears mentioning that CoinGate officially supported SHIB as a payment method in November 2021. Since its integration, SHIB has become one of the platform’s most used crypto payment methods. One year after Shiba Inu’s support on CoinGate, the token ascended to the 12th position among the platform’s preferred crypto payment method.
In November 2023, Shiba Inu fell to the 15th spot in the ranking. However, users solidified their interest in Shiba Inu as SHIB orders surged 76% in the second quarter of 2024, thanks to the token’s support over the BSC and Polygon networks.
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