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Shiba Inu, Solana, and Litecoin Lead the Charge for Cryptocurrency Payments
Cryptocurrency payment gateway Purse has released a report outlining the current stage of cryptocurrency payments on its platform. The cryptocurrency platform also stated Shiba Inu (SHIB), Solana (SOL) and Litecoin (LTC) as leading cryptocurrency payment coins.
CoinGate Cryptocurrency Payments Surge With Solana and Litecoin
THE crypto payments industry continues to grow rapidly, driven by growing popularity of altcoins and meme coins, and their increasing integration into the financial sector. In light of this rapid growth, CoinGate has released an official relationshipproviding a comprehensive overview of the current state of cryptocurrency payments and industry insights for the first half (H1) of 2024.
In its July 25 report, CoinGate revealed that it processed a total of 404,674 orders in the second quarter of 2024. The cryptocurrency payment platform profiled three major cryptocurrencies: Solana, Shiba Inu, and Litecoinas the main cryptocurrencies for payments on its payment platform.
CoinGate revealed that Solana has seen one of the most notable changes in its cryptocurrency payments in this year’s quarter. In early May 2024, the cryptocurrency platform integrated Solana Paymentsrapidly increasing the altcoin’s popularity due to its impressive performance.
By June, Solana had become the sixth most popular payment network and has seen substantial weekly growth since then. Additionally, CoinGate reported that in the same time frame, Solana processed nearly double the transactions of Circle USD Coin (USDC) compared to the Binance Smart Chain (BSC) network, which accounts for up to 3% of all orders in June.
This outperformance was attributed to Solana, low cost and high speed and improved throughput capabilities. As a result, CoinGate expressed excitement for further advancements in the Solana payment network, revealing plans to support more cryptocurrencies on Solana in the future.
Looking ahead, Litecoin has also seen impressive growth on CoinGate’s payment platform. The report revealed that Litecoin Payment Count in the second quarter of 2024, it skyrocketed by a whopping 3.43% from the previous quarter, increasing by approximately 67% year-over-year (YoY).
Alan Austin, CEO of the Litecoin Foundation, a non-profit organization, credits LTC’s Superior Payment Performance to its advanced security, improved speed, low fees and proven reliability. Austin also revealed that the cryptocurrency gave users complete control over their funds.
“It is this positive transaction experience, coupled with the robust features of money, that continues to make Litecoin the preferred payment choice for users,” he said.
Shiba Inu Takes Lead in Meme Coin Payments on CoinGate
In his report, Shiba Inu Dog was the only meme-based cryptocurrency identified as a leading asset for cryptocurrency payments on CoinGate. In response to the high demand for SHIB Payments from the community, CoinGate enlarged support for SHIB on Polygon and BSC networks in May 2024.
This integration significantly increased the overall SHIB order volume on CoinGate, increasing by 76% compared to Q1 2024. CoinGate also noted that The Solid Shiba Inu Community of investors and supporters have been a welcome catalyst for its popularity, driving its growth on crypto payment platforms
Featured image created with Dall.E, chart from Tradingview.com