Shiba Inu Price Soars 10% Daily: Could This Be The Reason?

Crypto payment gateway BitPay has introduced a new service called Bill Pay, allowing users to pay everyday bills directly from their crypto wallets.

In an August 8 press release, BitPay stated that Bill Pay will give users access to more than 5,000 service providers, including car payments, mortgages, personal loans, and credit cards.

The new feature is embedded into BitPay’s self-custody wallet, allowing BitPay customers to easily make payments without involving banks and other financial institutions.

BitPay says the payment solution will initially be available in only 19 states, including Florida, New Jersey, and Washington.

Company CEO Stephen Pair described the new service as a “monumental” step for unbanked communities. He also said that BitPay customers were some of the biggest crypto users and that Bill Pay could be a game changer for the industry.

Shiba Inu up 10% after BitPay introduces card payment

News of the Bill Pay launch comes after BitPay entered into another partnership with Sardine to enable Shiba Inu (SHIB) card payments in more than 180 countries.

So excited to be partnering with @BitPay 🙌

— Sardine (@sardine) July 18, 2023

The collaboration allows holders to spend as much as $3,000 worth of SHIB daily on ious purchases.

The new use cases have pushed up the price of SHIB by as much as 10% in the last 24 hours, with the accumulated gain over seven days reaching 20.39% per data from CoinGecko.

SHIB 24-hour price chart | Source: CoinGeckoSHIB 24-hour price chart | Source: CoinGecko

The doggy-themed meme coin is currently changing hands at $0.00000995 with a 24-hour trading volume of $426,342,686.