AMC Theatres has progressively embraced cryptocurrencies since being named a meme stock in early 2021, notably meme coins and tokens Dogecoin and Shiba Inu, which CEO Adam Aron has frequently tweeted about in recent months. And you can now use AMC’s app to spend them.
Aron announced today that the firm’s mobile app now accepts payments in Dogecoin (DOGE) and Shiba Inu (SHIB), in addition to other cryptocurrencies. Users may spend DOGE and SHIB on tickets, concessions, and gift cards thanks to a connection with crypto payments service BitPay.
Both coins were added to AMC’s website in March as part of a cooperation with BitPay, and Aron tweeted that they would be added to the mobile app by April 16 at the latest. Aron’s tweet announcing mobile support today, like his prior tweets about DOGE and/or SHIB, has already received thousands of responses.
AMC stock is down roughly 3% today, trading at $18. The stock began the year at around $26.50 per share and briefly surpassed $29 per share in late March, but its price has dropped dramatically in the weeks afterwards.
According to CoinMarketCap data, Dogecoin is up around 3% in the last 24 hours to $0.145 per coin, while Shiba Inu is down less than a percentage point to $0.0000258 per token. The overall cryptocurrency market is up around 1% in the last day.
Aron stated in August 2021 that AMC would accept Bitcoin payments by the end of the year, kicking off the company’s acceptance of cryptocurrencies.
That list gradually grew to include coins like Ethereum and Bitcoin Cash, with social media fan campaigns eventually pushing the company to include Dogecoin and Shiba Inu in its plans. In October, AMC began accepting Dogecoin payments online for gift cards only.
In addition, the company has introduced its own NFT collectibles via the WAX blockchain, both in conjunction with Spider-Man: No Way Home and as a reward for AMC shareholders. AMC launched The Batman NFTs via Palm, as well as a sidechain scaling solution for Ethereum. An NFT functions similarly to a deed of ownership for a digital asset and can contain collectibles, artwork, and other items.
However, AMC’s aspirations in the crypto realm could go beyond supporting coins and tokens and producing NFTs. Aron said in October that the company “could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrencies,” and that it was examining its options.