CoinGate Crypto Payments Surge With Solana and Litecoin
Crypto Payments Sector Continues to Grow Rapidly
CoinGate, a prominent cryptocurrency payment gateway, has released a report outlining the current state of crypto payments on its platform. The report reveals that the crypto payments sector continues to grow rapidly, driven by the rising popularity of altcoins and meme coins, and their increasing integration in the financial sector.
CoinGate Releases Report on Crypto Payments
In its July 25 report, CoinGate revealed that it had processed a total of 404,674 orders in the second quarter of 2024. The report also highlighted three prominent cryptocurrencies – Solana, Shiba Inu, and Litecoin – as the top cryptocurrencies for payments on its platform.
Solana Experiences Notable Growth
Solana witnessed one of the most notable changes in its crypto payments within this year’s quarter. Earlier in May 2024, the crypto platform integrated Solana payments, quickly boosting the altcoin’s popularity as it demonstrated an impressive performance.
By June, Solana had risen to become the sixth most preferred network for payments and has since experienced substantial weekly growth. Furthermore, CoinGate reported that within the same timeframe, Solana processed nearly twice as many transactions as Circle’s USD Coin (USDC) compared to the Binance Smart Chain (BSC) network, representing up to 3% of all orders for June.
This overperformance has been attributed to Solana’s low cost, high speed, and enhanced throughput capabilities. As a result, CoinGate has expressed excitement for more progress in Solana’s payment network, revealing plans to support more cryptocurrencies on Solana in the future.
Litecoin has also had impressive growth on CoinGate’s payment platform. The report disclosed that Litecoin’s payment count in the second quarter of 2024 skyrocketed by a whopping 3.43% compared to the last quarter, ultimately increasing by approximately 67% Year over Year (YoY).
Alan Austin, the Managing Director 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 provided users with complete control of their funds.
Shiba Inu Takes the Lead for Meme Coin Payments on CoinGate
Shiba Inu was the only meme-based cryptocurrency singled out as a leading crypto payments asset on CoinGate. Responding to the high demand for SHIB payments by the community, CoinGate expanded support for SHIB over the Polygon and BSC networks in May 2024.
This integration significantly boosted the overall volume of SHIB orders on CoinGate, increasing by 76% compared to the first quarter of 2024. CoinGate also noted that Shiba Inu’s robust community of investors and supporters have been a welcome catalyst for its popularity, driving its growth on the crypto payments platforms.
Conclusion:
CoinGate’s report highlights the rapid growth of the crypto payments sector, driven by the increasing adoption of altcoins and meme coins. The report also showcases the impressive performance of Solana, Litecoin, and Shiba Inu, which have become the top cryptocurrencies for payments on CoinGate’s platform. As the crypto payments sector continues to evolve, it is essential for cryptocurrency enthusiasts to stay informed about the latest trends and developments.
FAQs:
Q: What is CoinGate’s report about?
A: CoinGate’s report is an analysis of the current state of crypto payments on its platform, highlighting the top cryptocurrencies for payments and the growth of the sector.
Q: Which cryptocurrencies are leading the charge for payments on CoinGate’s platform?
A: Solana, Litecoin, and Shiba Inu are the top cryptocurrencies for payments on CoinGate’s platform.
Q: Why is Solana experiencing such notable growth?
A: Solana’s low cost, high speed, and enhanced throughput capabilities are attributed to its impressive performance and overperformance compared to other networks.
Q: What is driving Litecoin’s impressive growth?
A: Litecoin’s advanced security, improved speed, low fees, and proven reliability are credited to its superior payment performance.
Q: What is the significance of Shiba Inu’s popularity on CoinGate’s platform?
A: Shiba Inu’s robust community of investors and supporters has driven its popularity and growth on the crypto payments platforms.
Q: What does the future hold for crypto payments?
A: As the crypto payments sector continues to evolve, it is essential for cryptocurrency enthusiasts to stay informed about the latest trends and developments.
