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BitPay Reveals DOGE Is Now Fourth Most Popular Crypto For Transactions

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The popularity of Dogecoin as a transactional currency has risen significantly in recent months. According to BitPay, a prominent crypto payment processor, Dogecoin is now the fourth most popular cryptocurrency for transactions on the platform. 

In June, Dogecoin accounted for 6% of transactions on BitPay, but by December, that figure had nearly doubled to 10%. This trend suggests that an increasing number of people are using this token as a means of exchange.

As can be seen from the list, the number of transactions for Bitcoin (BTC), which is currently ranked first, decreased from 53.3% to 41.81 during the same period. Ethereum (ETH), which had been ranked second in June, dropped to third in December and replaced Litecoin (LTC), accounting for 25.51% of transactions.

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Source: bitpay

The token’s recent success can be partly attributed to Elon Musk’s tweets about the cryptocurrency. This attention has made DOGE one of the few cryptocurrencies that have generated returns for investors, even those who joined the market late. 

Additionally, Last year, Elon Musk’s Boring company used BitPay to accept cryptocurrency payments for a collectible perfume known as “Burnt Hair.” It enabled customers to purchase the fragrance with a range of cryptocurrencies, including Dogecoin.

Recently, CoinSwitch, India’s largest cryptocurrency trading app with a user base of around 20 million, reported that Dogecoin was among the most popular assets held by its users in 2022.

Dogecoin (DOGE) Price Rises

Since this news was released, the data from CoinGecko shows that Dogecoin has experienced significant increases in value over the past 24 hours and the past week. The current price of token is $0.072313, with a 1.8% increase in the last 24 hours and a 1.84% increase in the previous seven days.

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Source: Tradingview

Despite the downward trend that has persisted throughout 2022, the token has recently broken out of a short-term bullish pattern and is trying to regain the $0.074 resistance level. 

Dogecoin’s price was much higher in May 2021, reaching a record high of $0.73. However, by June 2022, the price had fallen by more than 90%. Even at its best price in the current year, the coin is still much lower than it was at its all-time high.

The token’s price increased significantly after billionaire Elon Musk bought Twitter in October. The token was worth $0.07203 on October 27th and $0.1572 on November 1st. However, its price has fluctuated since then.

Related Reading |  Bitcoin Mining Giant Adds Over 160 BTC to Its Holdings in Final Quarter of 2022

Shiba Inu [SHIB] Enters Luxury Hypercar Company

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Shiba Inu is among the leading altcoins to gain entry into Koenigsegg Automotive AB, a Swedish manufacturer of high-performance sports cars. The support was made possible through BitPay, a leading crypto payment module.

Koenigsegg is a Swedish super sports car, sports car, and roadster brand and was founded in 1994 by Christian von Koenigsegg. Its hypercars are luxury car brands whose cost range from $1.9 million to a staggering $3 million before customization

Through its partnership with BitPay, the retailer, which also sells Aston Martin, Bentley, premium electric car brand Karma Automotive, and other exotic cars, is now able to accept Shiba Inu as well as Bitcoin, and Ethereum cryptocurrencies in exchange for these high-end vehicles.

The well-known meme coin Shiba Inu has received approval from the world’s largest airline, American Air, and Canada’s flag carrier, Air Canada thanks to a partnership with FCF Pay, TronWeekly reported.

The meme coin can be used to book flights with American Air, and Air Canada and pay hundreds of merchants online. Interestingly, Shiba Inu is the only volatile asset that has made it to the list of accepted crypto tokens.

Not only SHIB, its governance token BONE too has been getting a lot of attention from exchanges and investors for the past few months since the lead Shiba Inu developer, Shytoshi Kusama, has devoted all of his attention to the eagerly anticipated Shibarium – Layer 2 Solution.

Shiba Inu’s Governance Token BONE Went Live On SunCrypto

Just the other day, India’s leading digital assets exchange, SunCrypto listed Bone ShibaSwap [BONE], which went live on the platform on Nov 29.

Bone ShibaSwap will be used as a native Gas token on the network. As of now, Bone ShibaSwap is utilized as the Governance token of the Shiba Inu Ecosystem, enabling Shiba Inu Community to vote on all the upcoming proposals in Doggy DAO.

It is to be noted that SunCrypto was among the first exchanges to introduce support for SHIB, the second-largest canine-themed cryptocurrency in the world by market size. Shiba Inu’s trading on the platform was enabled on November 26th, 2021.

According to the official websites, the exchange with a trading volume of over 100,000 crores is preferred by over 800K verified Indian users.

MATIC Supply On Exchanges Hit Lowest Level In 9 Months

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Supply of MATIC on exchanges plummeted to a nine-month low on Oct 26, falling to over $800 million, data from an on-chain analytics platform Santiment showed.

Typically, a negative correlation between its price and supply on exchanges may be seen in the token’s chart above. As a result, historically, an increase in price has been accompanied by a period of declining MATIC reserves at exchanges, and vice versa.

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MATIC Supply On Exchanges Hit Lowest Level In 9 Months 4

It indicates two things the exchange balances have been steadily declining. First, the pressure to sell is lessened. If market players want to sell their tokens or create yield, they frequently transfer them to exchanges. In either case, there is no holding mentality and a closer path to exchanging their tokens for other cryptocurrencies or stablecoins.

Second, private wallets [to hold] or decentralized finance protocols are most likely being used if users are transferring their assets away from exchanges. The value of the token and the use case for the Polygon are found in the latter.

MATIC is used, like ETH, to settle fees on its blockchain network. Increased use of the token could result from a lower supply of exchanges. And indeed, this is what is taking place.

Reddit nonfungible token [NFT] avatar trading and sales are growing at the same time as the enormous MATIC outflow from exchanges. On the blockchain, these digital treasures are minted as NFTs.

BitPay Adds Polygon’s MATIC Support

Polygon has scored significant adoption by well-known fintech organizations which is indicative of a probable MATIC price rise.

According to an official release, BitPay, one of the biggest cryptocurrency payment providers in the world, will now accept MATIC, Polygon’s native coin.

Users will be able to buy, store, exchange, and utilize MATIC as well as a number of other ERC-20 tokens on the ecosystem, such as USDC, DAI, BUSD, and WBTC, using the BitPay app.

On the price front, the token has surged by over 7% over the past day and by 10% over the past two weeks, at the time of writing this post.

Polygon’s MATIC is Now Available On BitPay; Details

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Polygon (MATIC) was established by a group in October 2017. The project’s crew consists of Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun. Before agreeing to use Ethereum’s network in 2019, the group made major contributions to its ecosystem. The widely used WalletConnect protocol, the Plasma MVP, and the Dagger event notification engine were all successfully ported to Ethereum by the team.

According to a recent official release, BitPay, one of the biggest cryptocurrency payment providers in the world, will now accept MATIC, Polygon’s native coin. Users will be able to buy, store, exchange, and utilize MATIC as well as several other ERC-20 tokens on Polygon, such as USDC, DAI, BUSD, and WBTC, using the BitPay app.

Nailwal said,

“Working with BitPay opens up a new world of commerce to MATIC holders, allowing them to spend with a host of global merchants including Airbnb and Shopify for the first time.”

Aave, Uniswap, and OpenSea, three of the biggest projects, are housed at Polygon. The network has been chosen as the Web3 gateway by companies like Starbucks, Robinhood, and Stripe because of its low costs, speedy transaction speeds, and carbon neutrality, to name a few.

With thousands of customers, BitPay is one of the biggest cryptocurrency payment service providers. As a result, it would allow MATIC to be utilized more frequently all over the world.

Stephen Pair, BitPay’s CEO, further stated,

“Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.

MATIC shoots up close to $1

The general crypto market experienced some much-needed reprieve this morning. With Bitcoin (BTC) passing the $20k mark, major cryptocurrency ventures started to rise. On the other hand, Ethereum (ETH) had a double-digit uptrend, rising 13.4% during the past day.

The charts for Polygon (MATIC) also saw a rise. The price of the token has increased by 6.7% over the last 24 hours and by 19.7% over the past two weeks. The project finally entered the green after a two-month slump. Even still, MATIC has dropped 67.5% from its all-time high, which it reached in December 2021 at $2.92.

A new record-high number of active addresses was also obtained by Polygon, in addition to the pricing factor. The network counted 449.67k active addresses on October 12.

At the time of writing, MATIC was priced at $0.959829 with a daily rise of 9.0%. The token is getting ever closer to the $1 threshold.

BitPay Confirms SHIB, DOGE Acceptance In Uber Eats But Here’s The Catch

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Good news for Shiba Inu SHIB and Dogecoin DOGE holders. Users can now pay for their food deliveries from Uber Eats and DoorDash using their cryptocurrencies enabled by payment service provider BitPay

Besides that BitPay also extended the service to include other cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], XRP, Dai [DAI], Wrapped Bitcoin [WBTC], and stablecoins.

However, one has to purchase BitPay gift cards and BitPay cards as Uber Eats and DoorDash do not accept direct crypto payments yet.

Additionally, crypto holders can purchase gift cards through BitPay from a wide range of well-known takeout restaurants including quick service and sit-down favorites like Bonefish Grill, Chili’s, Carrabba’s Italian Grill, Steak ‘n Shake, and many more. 

According to the blog post, a second payment option for users is via BitPay partner Menufy which allows one to pay for takeout or delivery from local restaurants or national chains directly from a crypto wallet.

For Europeans, one can take advantage of the same service using Takeaway.com, the blog added.

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BitPay Confirms SHIB, DOGE Acceptance In Uber Eats But Here’s The Catch 6

A month ago, another giant fast-food player- Chipotle, a Mexican restaurant chain, enabled Shiba Inu, Bitcoin, and other cryptocurrencies through the digital payments platform Flexa.

This means of payment was made available in more than 2,975 Chipotle restaurants across the United States.

Shiba Inu Payments Now Enabled in 179 Countries

BitPay began supporting the Shiba Inu coin in December 2021. In early June the payment firm collaborated with a noncustodial wallet Edge where customers can buy, sell, trade, and spend over 130 digital assets.

Through this integration, Shiba Inu payments were made accessible in 179 nations, which has further boosted the asset’s adoption.

And the good news is that the current market drawdown has hardly put a dent in the token’s growing popularity. In fact, SHIB was among the seven new coins that Coinbase Commerce added to its payment options, TronWeekly reported.

From numerous exchanges and supermarket chains to high-end retailers, all have jumped on the bandwagon to add the popular meme coin as a form of payment.

Luxury watchmakers like Tag Heuer, Hublot, and Breitling are some examples that have recently incorporated cryptocurrencies via payments processor BitPay.

Shiba Inu’s Popularity Soars, Now Accepted By An Australian Energy Retailer

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In the latest instance of crypto becoming more mainstream, Shiba Inu is among 13 such digital currencies that are now accepted in Australia-based electricity firm 1st Energy. This has been enabled by payment service provider BitPay who initially broke the news.

BitPay is the largest Bitcoin and cryptocurrency payment service provider in the world, launched in 2011. In December 2021, the firm announced Shiba Inu integration into its wallet app, thus allowing storing, buying, swapping, and spending SHIB.

Apart from Shiba Inu, BitPay would also support other cryptocurrencies such as Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Wrapped Bitcoin, and five USD-pegged stable coins [BUSD, DAI, GUSD, USDP, and USDC].

Founded in 2014 currently offering its services in New South Wales, Victoria, and Queensland, 1st Energy has become Australia’s first energy retailer to accept crypto through a partnership with BitPay. This meant that its customers can now pay their utility bills using any cryptocurrency of their choice offered via BitPay.

List of merchants supporting Shiba Inu grows

The latest development comes close on the heels of AMC Theatres announcing that it would add DOGE and Shiba Inu to its payment module via BitPay. On 28 Feb, AMC CEO Adam Aron tweeted that BitPay is slated to go live for online payments on its website by March 19, and would subsequently become active on its mobile apps by April 16.

In late 2021, SHIB made headlines when leading U.S based e-retailer Newegg had announced adding the popular meme coin as a form of payment on its platform.

The list of companies that are already accepting Shiba Inu payments consists of the following [five of which are integrated through Flexa]: GameStop, Nerdy Flames, Ask The Doctor, Petco, Lowe’s, Bed Bath & Beyond, Ulta Beauty, Shiba Tea & Coffee, Shiba Mobile Repair.

Not just limited to payment, the asset has also ventured into the NFT space when its team announced inking a “cutting-edge” partnership with the John Richmond fashion label. The collaboration will culminate in the launch of a fashion collection that would comprise 10,000 non-fungible tokens [NFTs]. The physical versions of these tokens will be presented during Milan Fashion Week.

Why Bitcoin is no longer the favorite for crypto payments?

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Bitcoin stands to lose its dominant status as the preferred choice for crypto payments. BitPay, one of the world’s largest crypto payments processors divulged that consumers and businesses are increasingly starting to use digital tokens other than Bitcoin for purchases. In an interview with Bloomberg, the firm said that Bitcoin usage at Bitpay merchants has significantly reduced from 92% in 2020 to almost 65% in recent times.

On the other hand, the alt coins’ use has started to rise due to their growing adoption by businesses that have begun using stablecoins for cross-border payments. Another reason for its growing popularity is that users have started favoring stablecoins whose values are perceived to remain unaffected from volatility. Not only that, even meme coins like Doge continued garnering massive attention last year, thanks to dog-token proselytizer Elon Musk.

BitPay was founded in 2011, a time where only a handful of entities accepted digital assets. Today it processes an average of 66,000 transactions per month compared to its larger rival, Visa’s volume that processed a staggering 206 billion transactions in 2021. Nevertheless, BitPay, with its $1billion annual transaction volume has enabled companies ranging from Microsoft Corp. to AT&T Inc. to accept cryptocurrency payments.

Bitcoin and Co’s dull outlook are not deterring payment firms

As days go by, more merchants are now accepting crypto payments. Last year, BitPay partnered with VeriFone to enable digital coins at its terminals at various stores. The latest to make its entry is US multinational fintech PayPal Holdings which is currently working on its in-house stablecoin. Taking about how the late 2021 marketwide slump has been failed to deter crypto investors, Stephen Pair, Chief Executing Officer of Bitpay stated,

The recent downturn hasn’t affected crypto investors’ spending habits as much as in the crypto winter of 2018. While luxury spending has been hit, the overall declines have been much smaller, perhaps a sign of confidence that the current downturn could be short-lived, or that crypto has a much broader base of users. We have not experienced as much of a decline in volume with this recent pullback. It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments.

Cryptocurrency to be bought on BitPay at 0 fees

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Cryptocurrency can now be bought on the BitPay wallet app for no fees at all, but only for a limited period. This statement was out in a press release that was published by BitPay on 20 December 2021. BitPay also took to Twitter and announced that it has partnered with Simplex to offer 0% fees on the next cryptocurrency purchase.

One of the world’s largest bitcoin providers and digital asset payment services, BitPay had announced in a promoted collaboration with Simplex, that BitPay Wallet users can now buy virtual coins without any additional charges through their wallet debit cards and ApplePay, only for a limited time.

According to BitPay CEO, Stephen Pair, this is a straightforward way for the residents of the USA that want to try out the world of digital assets for the first time to buy, store and spend crypto. He also adds,

 “BitPay wants to help consumers start to live life on crypto and by working with Simplex, we make it simple to acquire crypto by eliminating the need for users to navigate to a cryptocurrency exchange to fund the wallet.”

Typically, this collaboration is meant to counter-check the requirement of people to use a crypto exchange to fund their wallets. It was announced that users can instantly buy gift cards from hundreds of top retailers in-store and online with Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB) Wrapped Bitcoin (WBTC), as well as five USD-pegged stable coins BUSD, DAI, GUSD, USDP, and USDC.

Cryptocurrency market highs to be capitalized by users through this solution

The founder and CEO of Simplex, Nimrod Lehavi said that buying crypto usually involves fees to make a purchase with a debit or credit card making it difficult for those new to crypto, so by working with BitPay they are waving those fees for users so anyone, anywhere has the opportunity to enter into the crypto space and capitalize through this solution.

At the time of writing, Bitcoin (BTC) enjoyed a bullish market price at $48,660.41 with a daily high of 5.26%.

Shiba Inu endorsements keep rolling despite its latest price slump

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Shiba Inu [SHIB] came into the crypto-verse like a hurricane. Causing immense damage to other cryptocurrencies, SHIB managed to overpower several coins over the last couple of months. The popularity of the meme coin has been on an upward trajectory. Despite the ongoing bullish cycle, SHIB continued to score listings, partnerships as well as endorsements from all across the globe. The latest listing came from Taiwan.

The crypto-verse has been booming without a hurdle which is further paving the way to more financial freedom along with the emergence of promising new assets. While the crypto industry started off with just one coin, the growth following the release of that asset was impeccable. Currently, the crypto market entails a wide range of coins.

Off late, meme coins have been gaining the most traction. Crypto platforms around the world have been onboarding Shiba Inu. Now, Taiwan’s prominent crypto platform, BitoEX decided to welcome the popular meme coin.

In a recent tweet, the crypto exchange noted that SHIB was made available to trade earlier this week. This news excited the entire SHIB Army as they witnessed the ever surging global reach of the meme coin.

Taiwan wasn’t the only region that Shiba Inu was flying to, the altcoin decided to pay a visit to South America as well.

Shiba Inu’s integration into BitPay paying off already!

The largest virtual reality club in North and South America, VR World didn’t want to miss out on the crypto fervor. The increased adoption of SHIB seems to have lured in the VR platform.

In a recent tweet, the prominent crypto payments processor, BitPay announced the integration of Shiba Inu into the virtual reality club. Revealing the reason behind their interest in crypto, the CEO of VR World, Leo Tsimmer said,

“After VR World hosted the official afterparty for NFT NYC conference last month, it became clear to us – cryptocurrency has entered everyday life. [..] As we proceed with building an entertainment continuum fusing IRL and digital offerings, we expect a cryptocurrency to play a major role in our operations. “

Despite this, the price of the altcoin remained still at $0.00003229 with almost a 5% drop over the previous 24-hours.

BitPay to facilitate Shop.com’s Bitcoin-friendly move

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A prominent US-based e-commerce platform was steering towards the crypto-verse and BitPay aims to aid this move.

Bitcoin [BTC] has come a long way and has emerged as a widely accepted asset. With its value and popularity surging to the moon, more and more platforms have started to shelter the asset. From being widely rejected and denounced to being loved by many, Bitcoin has struggled long and hard. While the king coin moves up to $50K, during press time, it has managed to garner a spot on a prominent e-commerce platform, Shop.com.

Payment service provider, Bitpay revealed that it would facilitate this move of the e-commerce platform.

BitPay to aid in accepting BTC payments

Shop.com joined hands with Bitpay in order to accept payments in an array of cryptocurrencies. Users of the e-commerce platforms had an option to pay with Bitcoin [BTC], Ether [ETH], Dogecoin [DOGE], Wrapped Bitcoin [WBTC], Litecoin [LTC] as well as Bitcoin Cash [BCH]. The platform also allows payments in stablecoins.

Even though the platform is based in the US, this Bitpay integration would be made available in several countries. This list includes Canada, Australia, Taiwan, Hong Kong, Malaysia, Singapore along with the United Kingdom.

Bitpay’s chief commercial officer, Sonny Singh, spoke about this latest partnership and stated that Shop.com and its parent company, Markert America were “great brands.” Noting the platforms’ international presence, Singh suggested that they were a global brand.

He further added,

“In countries like Taiwan, Thailand, Argentina, Brazil, and Indonesia, it’s very hard to make payments. Credit cards are not everywhere and in those countries, Bitpay and crypto is the cheapest, quickest payment option to accept Bitcoin and to receive crypto payment options as well.”

The CEO of Market America, JR Ridinger thanked Shop.com’s, Steve Ashley for bringing about this idea of crypto assets. The inclusion of crypto into its system has widened the platform’s horizons