Over 500 merchants can now accept SHIB as payment option via CoinGate

Merchants globally can now accept Shiba Inu (SHIB) via GoinGate
10 months ago
2 mins read

Use cases for meme cryptocurrency Shiba Inu continue to grow after the crypto payment gateway platform CoinGate integrated the token, enabling merchants to accept SHIB as a payment option.

In a blog post, CoinGate revealed over 500 merchants can now accept SHIB that has also been integrated into the system’s gift card store. Furthermore, Shiba’s integration into the CoinGate trading system enables users to buy SHIB at a 1% rate.

“It is our greatest joy to announce that Shiba Inu (SHIB) has been integrated as our newest cryptocurrency! Every CoinGate user, from merchants to traders or Gift Card shoppers, can now accept, buy, trade, or spend this sky-rocking meme coin on the things they want,” Coingate said.

The development will likely be a catalyst for a potential SHIB price surge, considering that the coin has come under scrutiny for lacking real-world use cases. 

Notably, in July, SHIB surged in value after the launch of its much-anticipated decentralized exchange (DEX), ShibaSwap, and the integration of the SHIB token on a retail Shopping.io platform. 

The partnership meant that SHIB holders could use the crypto to buy goods on the Shopping.io platform at e-commerce giants Amazon, eBay, and Walmart. 

SHIB price action

SHIB is among the standout cryptocurrencies of 2021, surging 483,700% on a year-to-date basis. By press time, the coin was trading at $0.000048, dropping 4% in the last 24 hours.

Currently, the token is eying another all-time high despite the price action getting congested with each lower high, suggesting consolidation. Therefore, the coin will likely break out from the downtrend with a possible upswing. 

Notably, the possibility of high returns might force market participants to accumulate SHIB at the current drop and trigger an upswing.

SHIB YTD price chart. Source: CoinMarketCap

Overall, action from the SHIB community has pushed the token to new heights of popularity. As we previously reported, SHIB and Binance Coin (BNB) recently ranked as the most popular coins on the Binance crypto exchange

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Justinas Baltrusaitis

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.