Retail giant Newegg has announced the company will start accepting Shiba Inu as payment from “early December.”
Newegg To Accept Shiba Inu Starting Early December
A couple of days back, the tech-focused retailer posted a teaser on their Twitter announcing that SHIB is “coming soon” to the platform.
Now the company has revealed a few more details in a new tweet. According to the new info, Newegg plans to start accepting Shiba Inu as a payment option by “early December.”
To make the announcement more grand, the retail giant put the ad for it on the largest digital out-of-home (DOOH) billboard in North America.
Newegg has been accepting cryptocurrencies for a while now; the retailer was the first major ecommerce company to start taking Bitcoin back in 2014.
Early in the year, the company also added SHIB-rival Dogecoin as an option, followed by Litecoin in mid-2021. Currently, the platform supports eleven different cryptocurrencies. The firm uses Bitpay to process digital currency payments.
Last month, AMC CEO announced that the cinema company will soon start accepting Shiba Inu in partnership with Bitpay, and that he personally asked Bitpay to add the crypto.
After the Newegg teaser went live, there was speculation that the retailer might be taking the coin through the same crypto payment processor. Now, the firm has confirmed that it’s indeed partnering with Bitpay to do so.
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Newegg Director of Brand Marketing, Andrew Choi, 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,” Choi continued.
At the time of writing, Shiba Inu’s price floats around $0.00004613, up 4% in the last seven days. Over the past thirty days, the memecoin has lost 30% in value.
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Here is a chart that shows the trend in the price of the crypto over the last five days:
SHIB's price has finally shown some momentum up in the past couple of days | Source: SHIBUSD on TradingView
After an unbelievable October, SHIB had a very weak November where the coin went more than 30% in the red. However, in the past couple of days, the coin has finally shown some substantial movement up.
It’s unclear right now if this trend will sustain, but if adoption news like Newegg’s or AMC’s is anything to go by, the coin’s future might be bullish.
Featured image from Newegg, chart from TradingView