Sonny Singh, the CEO of BitPay, has recently claimed that Dogecoin currently accounts for about 10% of all the transactions ultimately eating the dominance of Bitcoin in crypto payments. The meme coin was responsible for approximately 10% of all the transactions that were processed by BitPay.
Dogecoin Eating Bitcoin Crypto Payments Dominance, Says BitPay CCO Sonny Singh
The Chief Commercial Officer at BitPay has recently released a statement in relation to the meme coin eating the crypto payments dominance of Bitcoin saying:
“We’re seeing a lot more buying coming from Dogecoin now, believe it or not.”
The Basketball team of Mark Cuban, Dallas Mavericks have started accepting Dogecoin in March. Newegg, the electronics retailer, has also welcomed the Shiba Inu-inspired coin as a brand-new payment option.
Meanwhile, the share of Bitcoin in the total volume has reduced to a record low of 50%.
In addition to this, the CCO of BitPay says that Bitcoin is majorly viewed as an investment option now while other cryptocurrencies are being used for payments.
Apart from the Dogecoin, other coins like stablecoins are also acquiring popularity with the merchants of BitPay.
Increasing Adoption of Merchants
Sonny Singh, in addition to the above-mentioned information, shared the data about BitPay revealing the details about the processes and transactions.
Singh claimed that BitPay processes over a billion dollars each year, which ultimately is proof that the people are indeed willing to spend their crypto assets in return for something they want.
Stretching its arms further, the crypto payments have reached the gates of the travel world.
Office-sharing companies WeWork and RV Industry Camping World have both started accepting cryptocurrencies like Bitcoin, Ethereum, and various other cryptocurrencies that are there in the market earlier this month.
The adoption of Dogecoin along with other cryptocurrencies in the market is increasing and is expected to increase more.