According to Sonny Singh, the Chief Commercial Officer at BitPay, Dogecoin is eating away Bitcoin’s market dominance.
The meme coin has received a lot of endorsements and listings in the past few months. In early March, Dallas Mavericks, Mark Cuban’s basketball team began accepting Dogecoin payments. More recently, electronics dealer Newegg announced that the digital asset was now a viable payment option on its platform.
In the past week, DOGE accounted for about 10 percent of all transactions processed by BitPay. Singh noted:
We're seeing a lot more buying coming from Dogecoin now, believe it or not.
Bitcoin’s total volume, on the other hand, has dropped to a record low of 50 percent. As reported by BTC PEERS, Bitcoin’s market dominance fell below 50% for the first time since 2018. According to Singh, Bitcoin is primarily viewed as an investment vehicle while other altcoins are used for payments.
Apart from Dogecoin, stablecoins are becoming increasingly popular with BitPay merchants. Singh asserts that the use of cryptocurrencies for payments is growing. He claims that his firm processes over $1 billion every year.