Following the news that AMC will start accepting Dogecoin for eGift cards payment in early October, the cinema giant has announced that the popular meme coin would be accepted for ticket purchases in Q1 of 2022. AMC CEO Adam Aron disclosed during an interview with CNBC that the largest movie theater will allow customers to pay in Dogecoin starting from the first quarter of 2022.
In addition to paying for tickets with DOGE, customers will be allowed to make concession stand purchases. The news comes after the price of the ninth largest crypto by market cap climbed more than 12% on Monday, trading at $0.26.
AMC Considered Adding DOGE After it Ran an Online Poll
The CEO asked his Twitter followers in late September if the cinema chain would like the company to list DOGE as a payment option. In a poll he organized, approximately 71% of the 100,000 people that voted supported adopting the cryptocurrency. Seeing the result of the poll, Aron concluded he would consider fulfilling the request of the voters, which he eventually did.
DOGE’s adoption comes as no surprise. First, it has a low volatility rate compared to other cryptocurrencies, such as BTC. Mark Cuban of Dallas Mavericks described Dogecoin as a great introduction to learn about cryptocurrency due to its price. There’s also a low barrier of entry, making it more straightforward to use than other meme coins and a vast majority of cryptos out there.
Another reason for its increased adoption is the coming of the new 1.14.4 upgrade, rolled out in late August. Markus stated that the upgrade would lower transaction fees and improve the performance of Doge. Musk stressed the importance of lowering transaction fees, saying it would accelerate massive adoption.
DOGE Still High Despite Slowdown
Elon Musk’s favorite coin may be trading below the $0.26 it had hit on Monday, but the meme coin is still high. As of the time of this publication, DOGE is trading at $0.25. The rise of Dogecoin’s price on Monday can be attributed to Musk’s support for DOGE co-founder Billy Markus’s statement on Twitter, when the latter mocked the meme coin’s hating community. Markus urged the devs to keep the cryptocurrency absurd.
Also, Musk’s tweet about a drawing believed to be Shiba Inu dog going to the moon contributed to the rising price. More than 70% of DOGE holders profited more than 10% after the price increase of the meme coin. Transaction size also increased, with traders moving their Dogecoin cryptos between wallets. However, it doesn’t end here. Experts and on-chain analysis suggest that Dogecoin’s price will skyrocket again before the year ends.