AMC Theatres, which is known to be one of the largest cinema chains in the world has announced that it has accepted meme token Shiba Inu payments through its application apart from Dogecoin.
Due to this and other major developments in the SHIB ecosystem, the meme token's price could recover from its losses, especially with the rising real-world adoption of the popular Ethereum-based crypto. The latest announcement has fueled a bullish outlook among investors.
Within a few months of accepting cryptocurrencies as payments, the popular theatre chain has showed support for Shiba Inu on its mobile application. AMC Theatres is using Bitpay for processing its crypto transactions in the United States.
The number of SHIB, which is the 15th largest cryptocurrency, in circulation continues to decline every day since the community launched a burn mechanism, appearing to drive a shortage across crypto exchanges as demand for the meme token rises. Some of these key events have significantly impacted the token's price, among several other factors.
Will the metaverse help Shiba Inu rise in the crypto space?
Crypto investors have earlier speculated that the launch of Shiba Inu metaverse will allow SHIB to gain momentum similar to when it spiked to its historic all-time high in October 2021. The meme token had a brutal growth of 43,800,000%.
SHIB gained nearly 40% shortly after Robinhood listed the Ethereum-based token on its app. The fundamentals have grown even more bullish as the land bidding in the metaverse 'SHIB: The Metaverse' is now live. Analysts anticipate that SHIB prices will continue to rise as speculation mounts.