Shiba Inu Takes First Place in “BitPay Brackets”
Shiba Inu, a meme cryptocurrency, has won a recent competition conducted by Bitpay, a renowned cryptocurrency payment processor.
“Bitcoin Brackets” was created to determine which cryptocurrency was “on the verge of exploding.” The tournament consisted of four rounds and a total of sixteen currencies, including Binance Coin, Cardano, Solana, Polkadot, Dogecoin, and others, which were divided into brackets.
During each phase of the tournament, the cryptocurrency community was required to vote for their preferred coin from a given pair using a specified form. Shiba Inu gained an advantage against Terra, Solana, and then Cardano over the first three rounds.
It faced a battle against Polygon in the grand finals before winning a landslide victory. The tournament’s conclusion demonstrates the community’s strength, which has remained active despite the canine coin’s poor performance in 2022. Participants in the voting process will be able to win certain BitPay prizes.
Shiba Inu remains an unpopular method of payment
According to U.Today, BitPay introduced Shiba Inu support in December. With the assistance of the Atlanta, Georgia-based payment processing business, many large shops, including online electronics store Newegg and movie theatre chain AMC, are now accepting Shiba Inu.
According to BitPay’s statistics, it saw a considerable increase in payments in May, handling 75,583 transactions.
Despite winning the latest competition, SHIB accounts for a meager 0.46 percent of all transactions, demonstrating that the coin’s real-world acceptability does not correspond with high levels of community involvement. Bitcoin accounts for moreover 55% of the market, while Dogecoin has a 6.68 percent stake.