Over 500 merchants now accept Shiba Inu – largest ERC-20 token holding amongst top 1,000 ETH whales
In a blog post, CoinGate revealed more than 500 merchants that can now accept Shiba Inu (SHIB) have also been integrated into the system’s gift card store. Furthermore, Shiba’s integration into the CoinGate trading system allows users to buy SHIB at a rate of 1%.
Shiba Inu is readying for a merchant adoption boost after the CoinGate integration
Use cases for the Shiba Inu crypto meme continue to grow after the crypto payment gateway platform CoinGate integrated the token, allowing merchants to accept SHIB as a payment option.
“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 the catalyst for a potential SHIB bull run, as the coin has come under scrutiny for its lack of real-world use cases.
Notably, in July, SHIB surged in value following the launch of the much-anticipated DEX ShibaSwap, and the SHIB token integration on the retail Shopping.io platform. The partnership means SHIB holders can use the cryptocurrency to purchase goods on the Shopping.io platform at e-commerce giants Amazon, eBay, and Walmart.
SHIB/USD 4-hour chart | Source: TradingView
SHIB is one of the standout cryptocurrencies of 2021, up 483,700% year-to-date. At press time, the coin is trading at $0.000047, down 4% over the past 24 hours.
Currently, the token is heading towards another all-time high, although the price action is getting congested with each lower high, suggesting consolidation. As a result, the coin is likely to break out of the downtrend with a potential upside. Notably, the potential for high returns could force market participants to accumulate SHIB at the current drop and trigger bullish momentum.
Top 15 ranked coins by search on Binance | Source: CryptoDiffer
Overall, action from the SHIB community has pushed the token to new heights in popularity. SHIB and Binance Coin (BNB) were recently ranked as the most popular coins on the Binance crypto exchange.
? #ShibArmy Congrats! The King is coming back!
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) November 17, 2021
According to data compiled by WhaleStats looking at the Ethereum-based token holdings of the largest ETH wallets, SHIB represents 21.68% of the combined market share at $2.35 billion. The next highest asset in holdings is Crypto.com’s native token CRO, representing 5.54% at $603.9 million.
According to data from Coingecko, SHIB is currently the eleventh highest-ranked crypto asset in terms of total market cap with $26.9 billion, suggesting that the ETH whales hold roughly 9% of all SHIB in circulation.
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