Meme stocks and pupcoins are like peanut butter and jelly when it comes to investing since they complement each other so nicely. This year, these two asset types will undoubtedly collide. The GameStop adopts Dogecoin and Shiba Inu cryptos.
GameStop adopts Dogecoin and Shiba Inu cryptos
Investors are now seeing the assets integrated in a way that they have never seen before. GameStop (NYSE: GME), the king of meme stocks, is collaborating on payment options with a handful of pupcoins. The stock of GameStop, of course, is poised to benefit from the news.
The video game shop is the forerunner of a new era of retail stock trading, and nearly no one predicted it. That is, except for the dedicated members of Reddit’s r/WallStreetBets, who led a swarm of purchasers to GME over the course of the year, boosting the stock’s value from $17 to nearly $480.
The stock’s success is still debatable; many institutional investors are convinced that GME’s underlying worth is significantly lower than where it presently trades. Traders in the retail sector are not backing down.
Simultaneously, GameStop is trying extremely hard to construct a credible turnaround that will both satisfy skeptics and deliver for its ardent supporters. Chewy (NYSE: CHWY) is rapidly expanding its board of directors and executive team, beginning with co-founder Ryan Cohen. It also appears to be attempting to capitalize on emerging technologies like non-fungible tokens (NFTs) and Web 3.0.
Today, the company is bolstering its capabilities with some interesting news for cryptocurrency traders. That’s because Shiba Inu (CCC: SHIB-USD) and Dogecoin, among other cryptocurrencies, will be supported by GameStop (CCC: DOGE-USD). Investors are hailing the news as a major victory for GameStop stock.
Dogecoin and Shiba Inu are two of the year’s most popular cryptocurrencies, with enormous price increases in each. Users of the Flexa crypto payments app will now be able to pay for goods at GameStop locations using digital currencies.
Early last week, the official Flexa Twitter account announced that GameStop would be one of the app’s newest partners. Indeed, Flexa allows consumers to transact using crypto at any of its partners’ locations. Users can pay with cryptos like Bitcoin (CCC: BTC-USD) and Litecoin in addition to DOGE and SHIB (CCC: LTC-USD).
This is a huge win for GameStop, as many investors are looking for locations to spend their cryptocurrency holdings. Similarly, numerous investors are interested in partnering with GameStop. As a result, both crypto enthusiasts and GME holders should be pleased with this news.
GME is down approximately 1 percent as the afternoon progresses, and the company is trading at below-average volume for the day.
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Also read: The US returns $154 Million in Bitcoins stolen by Sony employee
