More On: shiba
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Shiba Inu, the new hype in the crypto-verse, has been dubbed "Dogecoin killer," "Dogecoin copycat," "Shi*coin," and other terms.
It is no secret that there have been numerous projects in the cryptocurrency space that received initial attention but then faded away. Shiba's market expectations are similar, but not without the use of hype.
AMC theaters could join the ranks of those accepting Shiba Inu as payment. The world's largest movie theater chain has already stated that payments for tickets and concession stand purchases will be accepted in cryptos such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. However, it was now time to test the waters for the addition of Shiba Inu.
AMC Theatres CEO, Adam Aron wanted his followers on Twitter to help him make this decision. Aron tweeted,
TWITTER POLL #2: As you know, you can now purchase AMC gift cards using cryptocurrency, and our IT group is writing code so that soon we can accept online payments in Bitcoin, Ethereum, Litecoin and Dogecoin among others. Should we strive to take Shiba Inu too?
— Adam Aron (@CEOAdam) October 29, 2021
A sizable majority [nearly 82 percent] was already in favor of accepting Shiba as payment for their entertainment. Aron had previously solicited feedback from his followers before listing Dogecoin, which drew the attention of Tesla CEO Elon Musk.
Although DOGE support will be added in 2022, it is currently used for physical gift cards in conjunction with other cryptos. The Shiba Inu craze was palpable, as it transformed people's fortunes in less than a year. According to market observers, the project's early investors have now become billionaires.
This wallet bought roughly $8,000 of $SHIB last August.
— Morning Brew ☕️ (@MorningBrew) October 27, 2021
It's now worth $5.7 billion.
From $8,000 to $5.7 billion in roughly 400 days.
We may actually be looking at the greatest individual trade of all time. pic.twitter.com/LtdgQ83bKP
In fact, the value of SHIB was $0.000000000079 about a year ago. It has increased by 80,000,000% in the last year and is currently ranked ninth on CoinMarketCap with a price of $0.00007375. This rally has propelled it ahead of Dogecoin, and it is now acting as a DOGE substitute.
Shiba Inu's use case, like Dogecoin's, is debatable. Despite this, it did not prevent businesses from profiting from the interest generated by such coins.
