Movie giant head Shiba Inu touts success of crypto payments

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Alex Dovbnya

Cryptocurrencies have been listed among the best retail suggestions made by AMC

In a recently posted tweet, AMC Theaters CEO Adam Aron says online usage has “skyrocketed” after America’s largest cinema chain decided to add support for digital currencies as well as ApplePay and GooglePay.

The addition of cryptocurrency support was one of the main retail suggestions, alongside the introduction of AMC-branded products and an AMC credit card.

Aron asked his followers for additional suggestions in the aforementioned tweet.

The number one movie chain originally announced plans to get into crypto in August 2021.

In November 2021, the company began accepting Bitcoin (BTC) and Ethereum (ETH), along with several other major altcoins. At the time, Aron revealed that services like Google Pay and Apple Pay already accounted for 14% of all purchases.

As reported by U.Today, AMC finally added support for Shiba Inu (SHIB) and Dogecoin (DOGE) in March 2022. Prior to that, AMC allowed users to purchase gift cards with the largest crypto- currency.

AMC itself became a meme stock during the GameStop mania in early 2021, with speculators trying to cash in on the craze.

The company and its CEO have gained cult following on social media platforms like Reddit and Twitter, which has driven the stock price higher.

The short squeeze, which involves driving up the price of a stock that has been sold short by large funds, was a key strategy employed by these retail traders. At the start of the stock craze, AMC’s stock price surged massively, much to the delight of those who had invested in the stock. The episode was characterized by stories of retail investors making life-changing profits from stocks that skyrocketed seemingly overnight.

Sure, the retail influence has since faded, but AMC has managed to retain a fierce fan base. The company’s move into crypto has also helped broaden its base.

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