Arrival Of DOGE And SHIB Payments Crumbles Bitcoin’s Payment Volume
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- Meme-currencies are being accepted as payments by major entities.
- Despite high fees from Ethereum, it accounts for 13% of all BitPay transactions in 2021.
- According to BitPay, altcoins adoption is surging more than Bitcoin.
As per the recent hike of cryptocurrencies around the world, their adoption among people has seen growth. Most businesses have started to accept cryptocurrencies as payments while altcoins are becoming popular.
According to the leading crypto payment processor BitPay, altcoins like Ethereum, Dogecoin, Shiba Inu are becoming more popular rather than Bitcoin. It records that 65% of all payments were made with BTC in 2021 which is currently 27% low from a year back.
Significantly, everybody knows that Ethereum charges high fees, despite that it accounted for 13% of all BitPay transactions last year. Moreover, ETH seems to be the reason for Bitcoin’s declining crypto market share. Apart from these cryptocurrencies, some meme-tokens and altcoins are being the highlight of the crypto payment section.
DOGE And SHIB Into The Show
Dogecoin and Shiba Inu are two meme-tokens that account to be out of the box among the popular meme-currencies. Along with these, even cryptocurrencies such as Litecoin, Solana, Cardano are also popular and potential currencies.
As a matter of fact, last year was quite a bullish period for meme-currencies along with their beneficial growth. Last March, the Dallas Mavericks, the basketball franchise owned by billionaire and “Shark Tank” host Mark Cuban, partnered with BitPay to accept Dogecoin. Additionally, Newegg which is an online store also began to accept Dogecoin and SHIB in payment methods last year.
Since the wider adoption of cryptocurrencies around the globe from last year, several major platforms began to accept crypto. As 2021 was a great year for the crypto industry, it is predicted that 2022 will be continuing its uptrend at the same rate. A recent survey shows that one-fourth of businesses are planning to accept cryptocurrencies in 2022. Following this bullish crypto trend, huge investors were rushing to invest in cryptocurrencies in massive amounts all through 2021. Thus, 2022 will also be accounting for more crypto transaction volume.
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