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Popular meme coin Shiba Inu (CRYPTO: SHIB) witnessed a drastic surge in second-quarter order volumes on the cryptocurrency payments platform, CoinGate.
What Happened: In a report titled “CoinGate's Crypto Payments Report & Industry Insights (H1 2024), the payment service provider revealed a 76% jump in SHIB orders compared to the first quarter.
CoinGate attributed the surge to the expansion of the services on the Polygon (CRYPTO: MATIC) and BNB Chain (CRYPTO: BNB) networks, thereby boosting the overall user base.
CoinGate stated that the decision to add support for other chains was driven by strong demand from the SHIB community.
"The SHIB community's enthusiasm speaks volumes of the coin's popularity, and we are excited to take part," the platform noted in the report.
Apart from SHIB, CoinGate provides payment services for Bitcoin (CRYPTO: BTC) and Tether (CRYPTO: USDT). According to its website, it charges a 1% transaction fee for processing the payments.
See Also: Jersey City Pension Fund To Follow Wisconsin’s Lead With Bitcoin ETF Investment: ‘I’ve Been A Long Time Believer In Crypto,’ Says Mayor Fulop
Why It Matters: The surge in Q2 payments signaled growing mainstream adoption of the dog-themed meme coin, which we know, was birthed out of a social media joke.
Over the years, the ecosystem has tried to rise above its narrow meme coin origins, venturing into the realm of decentralized exchanges and Layer-2 blockchains.
Meanwhile, large transaction volume for SHIB jumped 62% in the last 24 hours, according to data from IntoTheBlock, indicating significant engagement from whale investors.
Price Action: It appears likely that these investors were accumulating, as SHIB's price popped 2.54% in the last 24 hours to $0.0000168, according to data from Benzinga Pro.
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Photo by Dennis Diatel on Shutterstock
