SOL Tallies 5% Gains In One Day After Shopify Integrates Solana Pay

Following the recent downtrend in the crypto market, Solana’s native token, SOL, recorded heavy losses in the past few days. But now the token’s price moves on the daily chart showed the formation of a green candlestick yesterday after many days of posting vivid red ones. 

According to current stats, SOL’s price has decreased by over 7% in the past week. But from August 23, the coin started an uptrend reflected in its 24-hour price change of 5.75% today, August 24. Notably, the recent news about Shopify’s integration of Solana Pay seemingly reignites investors’ confidence in SOL.  

Solana Labs launched its decentralized payment platform, Solana Pay, on the layer-1 blockchain in February 2022 and now, Solana Pay’s plug-in is now available on Shopify. This allows millions of businesses using the e-commerce giant to use the service for payments. 

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According to the reports, the first crypto option for users will be the second-largest stablecoin in the market, USDC. Given its stability and close value to USD, it was chosen as the first to appear on the platform. 

However, Shopify’s business development and partnerships head, Josh Fried, revealed that more crypto assets such as BONK and SOL will soon be available. 

Fried also shared with an online news site, TechCrunch, that transactions on Solana Pay are very affordable, given how low the ecosystem charges.

Fried said:

Credit card processing fees usually cost a business between 1.5% and 3.5% per transaction, but using the Solana Pay option is practically “fee-free.

Also, he applauded Solana Pay as a crypto app worth using, saying, “Some people argue the killer app for crypto hasn’t arrived, but it has: it’s payments. [Everyone] should be doubling down on this.”

Shopify is a globally recognized platform with a 10% share of the United States’ e-commerce industry. So Solana Pay’s entrance into the e-commerce giant’s hub is expected to boost the ecosystem’s exposure and utility. 

Already, there are more than 11 million active accounts on Solana and the ecosystem is also a player in the NFT sector, with over 21 million assets minted. It also offers low transaction costs at $0.00025. 

These capabilities and continual adoption by top giants in diverse industries will likely push SOL’s price upwards in the coming days.