While hopes of Robinhood listing Shiba Inu have been pumping the price of the asset for some time, it is AMC Theatres that will start accepting Shiba Inu for payments next year.
- AMC Theatres, the largest movie theater chain in the U.S., will accept Shiba Inu as payment for movie tickets and concessions through BitPay wallets within two to four months, AMC CEO Adam Aron tweeted on Tuesday. AMC Theatres started accepting Dogecoin, which inspired Shiba Inu as a joke on a joke, for digital gift card purchases of up to US$200 a day in early October. Last week, AMC Theatres started accepting Bitcoin, Ethereum, Litecoin and Bitcoin Cash for payments.
- While it is a significant milestone for the Shiba Inu community, the news did not stop the downward price trend of the asset. In the past 24 hours, the price of Shiba Inu has fallen by 6.8%, according to CoinGecko data. Over the past week, Shiba Inu’s price has dipped by 13.2%, indicating that Tuesday’s price fall was part of the larger downtrend that has persisted for over a week.
- AMC Theatres has been financially struggling, hit by pandemic-induced theater closures as well as the longer-term trend of the movie-watching public switching to home streaming. Its 2021 Q3 financial performance showed significant improvement from a year ago as it booked revenue of US$763.2 million compared to US$119.5 million in Q3 2020. However, it is still far behind its US$1.31 billion revenue recorded in Q3 2019.