American cinema chain AMC weighs Shiba Inu (SHIB) payments |
AMC Entertainment Holdings is considering accepting payments in the form of Shiba Inu, an internet meme that’s often used to refer to Bitcoin. The company has not yet decided whether it will actually implement this move.
AMC has been struggling in recent years with a declining revenue and a poor stock price. Recently, the American cinema chain AMC weighed Shiba Inu (SHIB) payments. The company is considering filing for bankruptcy if the trend doesn’t change.
Shiba Inu’s popularity is unstoppable, as AMC Entertainment, one of the largest movie theater chains in the United States, has announced that it will begin accepting the popular meme coin alongside other crypto assets such as Bitcoin, Doge, Ethereum, and Litecoin for its tickets in the coming months.
Shiba Inu assistance is being considered by AMC.
During AMC Entertainment’s Q3 earnings conference, the company’s executives said that they were considering adding the meme currency to their list of digital assets to promote, citing the coin’s bull run in October as well as its growing popularity within the crypto community.
The business went on to say that its support for the aforementioned crypto assets will be fully operational by the first quarter of next year.
Earlier in October, the movie chain’s CEO, Adam Aron, asked his Twitter followers for their thoughts on whether the theater could welcome the asset as a payment option. Unsurprisingly, SHIB received overwhelming support from those who took part in the survey.
During this time, we reported that the meme currency had produced a large number of crypto billionaires. Over 400,000 individuals signed a petition to have Robinhood include the commodity on its platform, according to reports.
Shiba’s price plummets
While SHIBA’s value reached a new high in October, the asset’s value has plummeted by more than 50% since then. According to CoinMarketCap, it has lost nearly 3% of its gain in the previous 24 hours and has lost 36% of its all-time high.
The asset’s price drop has been ascribed to investors shifting part of their profits outside of the asset’s ecosystem.
Tom Robinson, the co-founder of Elliptic, was cited as saying that one investor moved about $3 billion in four transactions.
“It seems that there were four transfers out of that account yesterday, each moving $695 million of SHIB to a separate account — totaling $2.78 billion,” he said. Whoever it is bought the SHIB for a pittance on Uniswap approximately a year ago.”
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