GameStop adds to the list of retailers that now accept Shiba Inu (SHIB) and Dogecoin (DOGE) as forms of payment. The development results from the leading digital payments platform, Flexa, announcing that it will add the two foremost meme coins as payment options. Nearly a week ago, Flexa had announced that GameStop had become one of its retail partners.
GameStop And Doge Association As Well Potential Benefits
The move means that GameStop will now accept payments in the meme coin via the Flexa app SPEDN. GameStop is the largest video game retailer in the world. The company boasts nearly 5,000 offices, spread worldwide, and a whopping over 3,000 outlets in the United States alone. So the ability of these tokens to be accepted as payments on such a large platform is a plus.
GameStop had made headlines earlier this year as its stock jumped nearly 30 times its previous value. In a stunt engineered by a Reddit forum that saw an excess of short-selling positions, the price of the company’s stock rose from just over $17 to $500. Many hedge funds found themselves at the losing end of this situation. The move, however, has made people look to it as the stock version of popular meme coin DOGE.
Changes in the physical gaming market have led to the company entering a decline since 2016. However, the addition of these cryptos that have such a large crypto following might reignite larger retail interest in the token. In addition, Flexa, with its partnership with the game retailer, announced the listing of many metaverse tokens, including SAND and MANA.
Effect On The Dog Coins
SHIB and DOGE have been experiencing a down spell of their own as the crypto market experienced a dip across the board for the last couple of weeks. Shiba Inu has lost nearly a third of its value in the last month, while Dogecoin has lost nearly a quarter. The announcement, however, saw the prices of the tokens react; Dogecoin saw a nearly 3% boost while SHIB saw a sharper, almost 9% push.
DOGE Vs. SHIB Rivalry Continues
The two meme coins continue their rivalry to prove globally the number one meme coin. At the moment, Dogecoin maintains its edge over SHIB, but the Shiba Inu community is not preventing in its pursuit. Recently, the SHIB community has tried to shed the meme coin label to get the token to be taken more seriously. They have pursued listings as the developers look to venture into the DeFi space.
Last week, however, DOGE received a break of sorts from one of its most consistent supporters. Elon Musk, Tesla Chief, disclosed that the company would accept the meme coin for some products. The announcement saw the token spike by almost 18% at the time. In a recent tweet by the billionaire innovator, he responded to DOGE Co-founder Billy Markus’s tweet suggesting that Bitcoin was mainly for institutions. Instead, he said it was why he supported DOGE.