There has been a lot going for SHIB, one of the most popular “meme coins” after DOGE. On November 29, Kraken announced that it would add support for Shiba Inu (SHIB). In the announcement, Kraken stated that SHIB would be traded against EUR and USD. It also announced there would be a minimum limit of 50,000 SHIB.
About two days after the announcement, Newegg, an American online retailer with a focus on computer hardware and consumer electronics, announced that it would begin accepting SHIB for payment. The company is a major player in the online electronics retail sector, which makes the announcement quite significant.
Details Of SHIB Payments On Newegg
According to the announcement, Newegg will begin accepting SHIB payments from December 2021. Newegg is not new to crypto payments. The company already accepts payments in DOGE, the leading “meme coin” for payments. It also supports various other digital coins, including BTC. The platform first began accepting crypto payments in early 2021, and the move seems to have paid off for the company as its list of supported coins has continued to grow.
Newegg was founded in 2001 and operates as an online marketplace for IT equipment, desktop PCs, consumer electronics, gaming products, automotive equipment, and finished goods. Its crypto payments will be processed via BitPay, which means the company will not accept any crypto directly. BitPay is an innovative solution that allows companies to accept crypto payments without holding any crypto directly. They have been quite successful and in July 2020, they received an award for their work.
What The Leadership Team Had To Say
According to Andrew Choi, the Director of Brand Marketing, the company was always looking for ways to innovate the shopping experience. He added that more flexibility and options were something their customers wanted, including the ability to pay in crypto. Choi added that:
“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 Shiba Inu (SHIB) as a payment option on Newegg.com.”
Volatile Week For SHIB
In the past few days, SHIB’s price volatility has gone through the roof. Shortly after Kraken announced that it would list SHIB, the price rose by over 31%. However, in the past 24 hours, the price of SHIB has undergone market correction and the price fell by over 15%.
When looking at the yearly gains of SHIB, it has outperformed all other coins in the top 10. Since its launch on exchanges in August 2020, the SHIB coin has seen a price increase of 441,605.51%. Since the start of 2021, the price of SHIB has risen 700,000%.
One warehouse worker even said he would go into early retirement after his investment paid off extraordinarily. However, the coin’s decline in the past five weeks has raised concerns over its long-term performance. The coin currently has a market cap of $25 billion and a total supply of one quadrillion coins.
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