The SHIB community are passionate, however, and therefore another significant price surge cannot be ruled out.
Shiba Inu has scored a touchdown for its meme token amid the integration with BitPay’s payment services, which will allow merchants to accept SHIB for payments and consumers to buy, store, and swap the token on the BitPay Wallet app.
BitPay is one of the largest cryptocurrency payment solutions firms in the world. Adding Shiba Inu to its portfolio of accepted cryptos is a milestone for the second most popular meme coin, after Dogecoin.
JOKE NO LONGER FUNNY
“Even though it started as a meme, the strong SHIBArmy along with the response from AMC and Newegg moved SHIB to the top of the list of coins to add. The increased popularity puts SHIB in the top #15 since tracking from zero in May by market capitalization on CoinMarketCap just in time for holiday spending”, the firm stated.
Stephen Pair, Chief Executive Officer of BitPay, said: “The Shiba Inu community is passionate about its coin and serious about giving those consumers places to spend SHIB. BitPay believes that the more community involvement from coin holders supports awareness and adoption helping to move the blockchain industry to pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
Adam Aron, CEO at AMC, shared on Twitter “Attention #SHIBArmy: Our friends @BitPay decided to support Shiba Inu specifically because I asked, so AMC can take Shiba Inu for online payments of movie tickets and concessions. @AMCTheatres to be the first @BitPay client to accept Shiba Inu. Timing 60-120 days. This is a WOW!”
Andrew Choi, Director of Brand Marketing at Newegg, said: “We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies. Through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com.”
Any BitPay merchant can accept cryptocurrency for purchases with Shiba Inu (SHIB) as well as Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC), and five USD-pegged stable coins (BUSD, DAI, GUSD, USDP, and USDC).
Shiba Inu vs Dogecoin
A recent piece published by Finance Feeds explores the difference between the two popular meme coins.
With the Dogecoin hype in full flow, many competitors have emerged that aim to emulate the buzz and excitement created by the coin. Shiba Inu has been known as the ‘Dogecoin’ killer, and this new crypto was created in August 2020 by an anonymous person known as “Ryoshi”. Shiba Inu is an ERC-20 token that runs on the Ethereum platform. It is named after a Japanese breed of dog, which is shown on the coin’s symbol in a similar fashion to Dogecoin.
The coin has been very popular with Chinese traders who have helped to push the price up. In terms of utility and underlying value, it is similar to Dogecoin in the fact that it can only be used as a token of transfer.
The SHIB community are passionate, however, and therefore another significant price surge cannot be ruled out. Many investors have flocked to it, in search of the ‘next Doge’. Dogecoin is already up significantly and even if it reached the $1 goal, that would not be an incredible increase in terms of percentage from where it currently stands.