- CoinGate has recently published a detailed report on the state of cryptocurrency payments on its platform.
- The report identifies Solana (SOL), Shiba Inu (SHIB), and Litecoin (LTC) as top performers in the crypto payment sector.
- A significant rise in the utilization of these cryptocurrencies has been observed, highlighting their growing importance in transactions.
CoinGate’s latest report unveils significant growth trends in crypto payments, spotlighting Solana, Shiba Inu, and Litecoin as leading cryptocurrencies. Read on for in-depth insights.
Unveiling the Surge in Crypto Payments
In a comprehensive report dated July 25, CoinGate outlined the processing of 404,674 orders in the second quarter of 2024, underscoring an impressive escalation in crypto transactions. Solana, Shiba Inu, and Litecoin emerged as the prominent cryptocurrencies, demonstrating notable performance in payment processing.
Solana’s Rise to Prominence
CoinGate’s data indicates a substantial increase in Solana transactions post its integration in May 2024. By June, Solana advanced to be the sixth most preferred network for payments on the platform. The cryptocurrency’s high speed, low cost, and enhanced throughput have contributed to its rapid adoption, nearly doubling the transactions of Circle’s USD Coin (USDC) in comparison to the Binance Smart Chain (BSC) network for June 2024.
Litecoin’s Impressive Growth
Litecoin exhibited significant growth with a 3.43% increase in the second quarter of 2024 compared to the previous quarter, and a remarkable 67% Year over Year (YoY) increase. Alan Austin, Managing Director of the Litecoin Foundation, attributes this growth to Litecoin’s advanced security, improved speed, low fees, and reliability, making it a preferred choice for users.
Shiba Inu: Leading the Meme Coin Payments
Shiba Inu’s integration across the Polygon and BSC networks in May 2024 propelled its order volume, resulting in a 76% increase compared to the first quarter of 2024. CoinGate credits Shiba Inu’s robust community for its growing popularity and substantial contribution to the platform’s payment volume.
Conclusion
CoinGate’s report highlights the dynamic growth in the crypto payments sector, driven by the rising adoption of coins like Solana, Shiba Inu, and Litecoin. The data underscores these coins’ capability to deliver efficient, secure, and rapid transactions, predicting further advancements in the sector.
