Shiba Inu becomes #1 payment method in billion-dollar-market

• SHIB ranks 12th among the top payment methods on the crypto payment gateway, Coingate, in less than 12 months.
• Amidst crypto winter, SHIB records positive sentiments and a spike in the number of token holders.

Recently, Lithuania-based crypto payment gateway, Coingate, celebrated the first anniversary of its partnership with Shiba Inu. After appreciating the SHIB community’s full support of the project, the top crypto payment processor announced that SHIB payments are the 12th most popular payment on its platform.

Coingate is surprised at the fast rise in the popularity of SHIB payments on its platform, given that their partnership is barely a year old.

A year ago, we welcomed SHIB to our family.

Within a year, #SHIB became the 12th most popular payment via the CoinGate crypto payment gateway.#ShibArmy is stronger than ever, being one of the most dedicated #crypto communities.

To the more years to come! 🧡 pic.twitter.com/trCURdTt4S

— CoinGate (@CoinGatecom) November 17, 2022

A reason for the broader adoption of SHIB payments on the Coingate platform was that it allowed users to purchase unlimited gift cards with the crypto. But, more importantly, it allowed these users to redeem their gift cards seamlessly. For example, some users redeemed their gift cards to pay for Airbnb flats and buy new apparel on Nike or Zalando.

Others used the redeemed gift cards to play the newest PS5 and Steam games. Another reason for the fast rise in SHIB payment adoption on Coingate was that Coingate was charging its users zero fees when they purchased SHIB or any other crypto using their credit cards.

Meanwhile, Coingate proved that its partnership with SHIB was beyond business. It celebrated the second SHIB anniversary in August. Also, it congratulated the community and developers when they launched the highly anticipated Shiba Eternity, the platform’s collectible card game.

Certik’s latest weekly project spotlight focuses on SHIB

In its latest weekly project spotlight, the blockchain security firm, Certik, noted that the crypto market downturn caused by FTX’s crash hadn’t affected Shiba Inu. Certik remarked that SHIB’s token holders have spiked during this period while there have been generally positive sentiments regarding the crypto and the SHIB network.

Time for another Weekly Project Spotlight!

With the crypto markets in chaos, have you been curious how meme coins have been faring?

Let’s check out $SHIB / @Shibtoken on CertiK’s Security Leaderboard! https://t.co/OD3kxuVEj9

— CertiK (@CertiK) November 17, 2022

The blockchain security firm explained that it’s Skynet Social Analysis (the Social Sentiment Index) for SHIB was 79 percent. A score that indicates general positive sentiments regarding the asset. Certik added that SHIB’s score ranks among the best, given the current circumstances pervading the crypto space.

The blockchain security firm added that it observed a spike in SHIB’s token holders even though the digital asset’s price is down like other digital assets. According to Certik, SHIB’s token holders are now 1.27 million, indicating an increase of 0.25 percent in the last 24 hours.

A thorough analysis of the increase indicates a steady rise in SHIB token holders in the last couple of days. It indicates that many investors are willing to buy or increase their SHIB tokens regardless of the current crypto market conditions. SHIB’s 1.27 million token holders rank among the highest over the past 60 days.

Meanwhile, SHIB’s promising metrics might have been caused by recent positive developments surrounding the network. The latest development in the SHIB metaverse project is the launch of the Tech Trench Hub’s second concept.