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16 Nov, 2021 13:16

Shiba Inu meme token gets support from world’s largest cinema chain

Shiba Inu meme token gets support from world’s largest cinema chain

The largest cinema chain in the world, AMC Theaters, announced it will soon accept payments in Shiba Inu crypto tokens.

AMC Theaters CEO Adam Aron tweeted on Tuesday that “AMC can take Shiba Inu for online payments of movie tickets and concessions” in 60-120 days. Payments will be made via wallets on crypto payment service BitPay.

According to Aron, he pitched the idea to add Shiba Inu to its crypto portfolio to BitPay, while AMC will be the first BitPay client to accept the meme token.

Last week, Aron also confirmed earlier reports that AMC will start accepting bitcoin and ether for online payments, as well as dogecoin for the purchase of gift cards.

Shiba Inu is a decentralized crypto token created in 2020 with an estimated market capitalization of $30.9 billion and around 589,000 coins in circulation. AMC and BitPay’s endorsement could be a great boost for the token’s viability, as Shiba Inu has been known to be highly volatile – even in the crypto world, which is accustomed to volatility.

READ MORE: Crypto market dives over China’s move on digital assets 

In October, the token reached its all-time high and became the 11th-biggest cryptocurrency by market value, on speculation that a popular trading platform for crypto enthusiasts, Robinhood, may add Shiba Inu to its offerings. But last week, the token lost half of its October gains after another crypto-platform, Kraken, announced it would not list Shiba Inu on its trading floor.

Adding to Shiba’s volatility is talk regarding whether Tesla might accept the coin as payment for its electric vehicles, with investors hoping that Tesla CEO Elon Musk may soon turn his tweeting attention toward Shiba Inu, rather than dogecoin.

For more stories on economy & finance visit RT's business section

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