Shiba Inu only accounts for an infinitesimal share of BitPay’s payment volume despite strong community engagement
The Meme Shiba Inu cryptocurrency emerged victorious from a recent tournament hosted by leading cryptocurrency payments processor Bitpay.
“Bitcoin Brackets” was organized to find out which cryptocurrency was “about to explode.”
The contest featured four rounds with a total of 16 coins, such as Binance Coin, Cardano, Solana, Polkadot, Dogecoin, and other altcoins, which were split into brackets.
The cryptocurrency community had to pick its favorite cryptocurrency from a particular pair during each phase of the tournament by casting a vote with the help of a specific form. During the first three rounds, Shiba Inu managed to gain an upper hand over Terra, Solana and then Cardano.
In the Grand Finals, he had to take on Polygon before earning a resounding victory.
The outcome of the tournament has demonstrated the strength of the Shiba Inu community, which remains active despite the canine coin’s anemic performance in 2022.
Those who participated in the voting process will be eligible to win prizes from BitPay.
Shiba Inu remains an unpopular payment option
As reported by U.Today, BitPay added support for Shiba Inu in December.
Several major merchants, such as online electronics retailer Newegg and movie theater chain AMC, now accept Shiba Inu with the help of the Atlanta, Georgia-based payment processor.
According to data provided by BitPay, it has experienced a significant uptick in payments last May, processing 75,583 transactions.
Despite winning the recent tournament, SHIB only accounts for a tiny 0.46% of total transactions, showing that actual coin acceptance is not correlated with strong community engagement.
Bitcoin accounts for more than 55%, while Dogecoin has secured a 6.68% share of the pie.
