By Alicia Maher
It appears that there is no stopping the rise of cryptocurrency adoption across the world. As more industries begin to adopt cryptocurrencies and blockchain, adoption on a global scale might not be too far off as we are witnessing a trend unlike any that we have ever seen.
According to a recent announcement by AMC, the company is working to integrate Shiba Inu as a payment method on its system. If the project is successful, AMC fans and users will be able to use Shiba Inu tokens to purchase tickets and other services on AMC’s portals. Shiba Inu is the industry’s second-largest memecoin, and it has recently made headlines for its massive market gains.
What Has Been Said
According to AMC Theatres CEO Adam Aron, AMC will begin accepting Shiba Inu as a payment method soon, as the project to integrate Shiba Inu as a payment method has progressed to an advanced stage. Aron confirmed this during a conference call on Monday, where he discussed AMC’s adoption of Shiba Inu.
According to Aron, AMC is still figuring out the best way to present a platform where users can make Shiba Inu payments as part of their latest cryptocurrency activities. According to Aron, the theater giants have received a flood of customer requests to enter the cryptocurrency industry, and accepting Shiba Inu for payment is their response to those requests.
However, this is not the first time AMC has stated that it will accept cryptocurrencies as payment methods. Aron announced in September that AMC would begin accepting Bitcoin, Bitcoin Cash, Litecoin, and Ethereum as payment on its website and mobile app by the end of the year. AMC is now prepared to expand its platform to include Shiba Inu.
Rise of The Memecoins
The memecoins, led by Dogecoin and Shiba Inu, have been on a rise this year. They have been successful in the market, consistently hitting new records. In October, the first Shiba Inu billionaire emerged after a trader, who bought $8,000 worth of Shiba Inu just a year ago, got $5.8 billion after the coin spiked in value. The memecoins have benefitted from the immense social media power of popular celebrities such as Elon Musk, and the general crypto market rally that has seen Bitcoin hit a new ATH.
The fact that AMC’s Aron created a Twitter poll in October asking users to vote on AMC’s proposal to integrate Dogecoin payments says a lot about the popularity of meme coins. Aron created the poll after becoming inundated with requests for AMC to begin accepting Dogecoin. The proposal was supported by the majority of those who voted in the poll.
Following a second poll, Aron has not confirmed that AMC will integrate Shiba Inu in order to double the number of memecoins that customers can use to pay for its products and services.
AMC has devised a strategy to keep the cryptocurrencies it receives as payment in motion, shielding it from the volatility that characterizes the cryptocurrency industry.