Shiba Inu (SHIB) Sees Trading Volumes Surge 76% on CoinGate Payments Platform in Q2 2024

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.

Popular meme coin experienced a drastic surge in second-quarter order volumes on the cryptocurrency payments platform, CoinGate.

According to a report titled “CoinGate's Crypto Payments Report & Industry Insights (H1 2024),” the payment service provider witnessed a 76% jump in SHIB orders compared to the first quarter.

CoinGate attributed the surge to the expansion of its services on the Polygon and BNB Chain networks, ultimately boosting the overall user base.

The decision to add support for other chains was driven by strong demand from the SHIB community, CoinGate noted in the report.

“The SHIB community's enthusiasm speaks volumes of the coin's popularity, and we are excited to take part,” the platform stated.

In addition to SHIB, CoinGate also provides payment services for Bitcoin and Tether. According to its website, it charges a 1% transaction fee for processing the payments.

The surge in Q2 payments signaled growing mainstream adoption of the dog-themed meme coin, which was initially created as a social media joke.

Over the years, the ecosystem has attempted to expand beyond its meme coin origins by 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.

Investors were likely accumulating, as SHIB's price popped 2.54% in the last 24 hours to $0.0000168, according to data from Benzinga Pro.