The altcoins were taking over the market or rather, meme coins like Shiba Inu, Dogecoin, and BabyDoge were emerging as the talk of the crypto town. Even though Bitcoin [BTC] hit an all-time high recently, the laurels of the meme coin market, certainly preceded it. More recently, a prominent payments processor, BitPay revealed that Bitcoin had taken a backseat with regards to payments.
Bitcoin, the world’s first and the largest cryptocurrency in the market, hasn’t deviated from the top. BTC is undoubtedly the most popular cryptocurrency. The asset struggled from being closely linked to the dark web and then emerged as a trillion-dollar network. Bitcoin certainly paved the way for the launch of thousands of other coins. But are those coins now outshining the OG cryptocurrency?
As per a recent Bloomberg report, only sixty-five percent of payments processed by BitPay in 2021 were in Bitcoin. Even though this is quite a large percentage, compared to the year before, it had fallen by 27%. In 2020, Bitcoin accounted for about 92% of the payments in BitPay.
The second-largest cryptocurrency, Ethereum steered in a whole new direction. Total Ether purchases on BitPay were at 15% and stablecoins accounted for 13%.
BitPay integrated Shiba Inu, Dogecoin as well as Litecoin in 2021. Despite its late arrival, these assets accounted for 3% of the total purchases. Considering the ongoing fervor surrounding meme coins, BitPay is speculated to record increased purchases in Shiba Inu and Dogecoin in 2022.
David Gokhshtein points out importance of Shiba Inu, FLOKI and DOGE
The adoption rate of crypto is way past its nascent stage. The emergence of meme coins like Shiba Inu undoubtedly spruced up the crypto space. Dogecoin’s latest entry into Tesla was considered groundbreaking by many. Former U.S. politician, David Gokhshtein believes SHIB and FLOKI were traversing in the path of DOGE.
“The altcoins were taking over the market or rather, meme coins like Shiba Inu, Dogecoin, and BabyDoge were emerging”
While it is no doubt that meme coins can bring adoption into the crypto-verse, the existing crypto platforms can also benefit by integrating these assets.