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AMC is putting up its best ticket sales in months, and Adam Aron is hypin up SHIB investors
AMC Entertainment (NYSE:AMC) is on the rise once again. The theater chain’s stock is on an upward trend, thanks to a record October in post-pandemic ticket sales. And as the company continues to grow its audience back to pre-pandemic levels, it’s bringing the cryptocurrency market up alongside it. Particularly, it’s elevating the Shiba Inu (CCC:SHIB-USD) token today, after the AMC CEO stirred up some hype around potentially bringing the SHIB crypto to theaters.
A Sunday press release from AMC details just how successful the month of October was for the company. According to the release, October saw the highest ticket sales of any month since February 2020. Of course, March 2020 saw the closure of AMC theaters as a result of the Covid-19 pandemic.
The news is a sign that consumers are becoming more and more comfortable going out after the onset of the pandemic. It’s a bright sign for AMC then, whose primary concern since the early 2020 shutdown has been over when and if consumers would want to get back into the theaters.
And while the news is doing well to bump up AMC stock — prices are up 3% this morning — the news is also helping CEO Adam Aron get investors excited about crypto.
AMC has been pushing to enable crypto payments in theaters since this summer. It started the arduous task of accommodating crypto already, allowing customers to buy gift cards with Bitcoin (CCC:BTC-USD) on the AMC website. However, its plans stretch far beyond e-commerce and gift cards. It plans on allowing customers to use their crypto holdings in theaters for all purchases. As of now, its plan includes accommodating Bitcoin, Litecoin (CCC:LTC-USD), Ethereum (CCC:ETH-USD) and Dogecoin (CCC:DOGE-USD).
Aron is not slowing down on his fervent crypto bullishness; he wants to add one of the most popular altcoins to his plethora of planned payments. A tweet posted on Friday from the CEO is polling users on whether they would like to see SHIB added as a payment method at AMC theaters. With over 145,000 responses, over 80% of responses say the company should absolutely add SHIB.
TWITTER POLL #2: As you know, you can now purchase AMC gift cards using cryptocurrency, and our IT group is writing code so that soon we can accept online payments in Bitcoin, Ethereum, Litecoin and Dogecoin among others. Should we strive to take Shiba Inu too?
— Adam Aron (@CEOAdam) October 29, 2021
This news is adding up to immense bullishness on SHIB. Why? The token currently has no real-world utility; you can’t use your SHIB on physical goods or services. Adding SHIB as a payment at AMC theaters solves this issue directly. And with the theater company seeing more success than ever since the onset of the pandemic, SHIB stands to gain great exposure from AMC adoption.
SHIB prices are up over 10% on the day as investors digest Aron’s bullish news. Let’s take a look at some Shiba Inu price predictions and see where analysts think SHIB is bound to go in the future:
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/11/shiba-inu-price-predictions-can-amc-ticket-sales-take-shib-to-record-highs/.
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