AMC Entertainment CEO Adam Aron is considering adding Dogecoin to its roster of payment methods at the movie franchise. Aron has taken to Twitter to explore interest in paying for tickets and snacks with the popular meme coin, FX Empire wrote. He tweeted:
“AMC announced on Monday that by year end we will have the technology in place to use Apple Pay and Google Pay in our online ticketing, and in a breakthrough, we also expect by year end to accept payment online in Bitcoin. That’s a historic step for AMC.”
Dogecoin previously ignored
Recently, Aron extended the list of currencies AMC supported, but seemed to have left out Dogecoin deliberately, declaring support for Ethereum, Litecoin, and Bitcoin Cash instead. Fans of the meme coin didn’t hesitate to express their disappointment with his decision. After Elon Musk’s endorsement, Dogecoin became one of the best-known digital assets. Aron’s interest in Litecoin over Dogecoin was perplexing, especially considering how much more popular DOGE is. They also have a lot in common. Dogecoin was formed as a fork of the Lucky Coin blockchain, itself a Litecoin fork. Litecoin, on the other hand, is a Bitcoin fork.
What does AMC’s crypto fever mean to investors?
In its Q2 earnings report, AMC revealed plans to start accept Bitcoin payments by the end of the year. Doge investors are hoping for a positive outcome. So far, almost 75,000 people have voted, selecting one of four possible options. Among them is whether followers would actually use Dogecoin to pay at the movie theatre. Around 75% of poll participants have voted in favor of the joke project.
What do AMC and DOGE have in common?
Both Dogecoin and AMC became popular for their meme status. While Dogecoin was created as a joke, the project is here to stay. Its market cap is approaching $30 billion. Dogecoin’s value is directly proportional to the strength of its use case, which is something investors are well aware of. So far, September has been good to Dogecoin. In August, the price increased from $0.20 to $0.27 in less than two weeks.
AMC reached meme fame on subreddit
After becoming a favorite on the WallStreetBets subreddit, AMC reached meme-stock fame. During the pandemic, their shares were stagnant and heavily shorted, but retail investors helped jump-start the company. Year to date, AMC stock is up by more than 2,000%. Whether this trend is sustained after Dogecoin is accepted remains to be seen.
Contributors
