Cryptocurrency payment gateway CoinGate has released a report outlining the current stage of crypto payments on its platform. The crypto platform has also declared Shiba Inu (SHIB), Solana (SOL) and Litecoin (LTC) as leading coins for crypto payments. 

CoinGate Crypto Payments Surge With Solana And Litecoin

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. In light of this rapid growth, CoinGate has released an official report, providing a comprehensive overview of the current state of its crypto payments and industry insights for the first half (H1) of 2024.  

In its July 25 report, CoinGate revealed that it had processed a total of 404,674 orders in the second quarter of 2024. The crypto payments platform outlined three prominent cryptocurrencies – Solana, Shiba Inu and Litecoin, as the top cryptocurrencies for payments on its payments platform. 

CoinGate disclosed that Solana had 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 of 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.  

Looking ahead, 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. 

“It’s this positive transaction experience along with sound money attributes that continue to make Litecoin a top payment choice among users,” he stated. 

Shiba Inu Takes The Lead For Meme Coin Payments On CoinGate

In its report, 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 

Featured image created with Dall.E, chart from Tradingview.com