AMC Theatres, the largest movie theatre chain with approximately 1,004 theatres and over 11,041 screens in 15 countries, has started accepting DOGE as a payment option for its digital gift cards. Adam Aron, AMC’s CEO, disclosed this bullish news through a tweet earlier today, noting this development allows customers to purchase up to $200 worth of digital gift cards using the popular Shiba Inu meme-inspired cryptocurrency.
Aron’s tweet read,
“Huge news Dogecoin fans! As we work to accept online crypto payments, now you can buy @AMCTheatres digital gift cards (up to $200 per day) with Dogecoin and other cryptocurrency using a BitPay Wallet. Accepted on our web site, mobile app, and in theatres. bitpay.com/directory/gift-cards.”
While Aron announced this more than 12 hours ago, BitPay has not yet updated its gift card page to feature this offering.
DOGE surges 6% on this announcement
Following this news, DOGE gained 7.42% despite the overall bearish trend in the altcoin market. At the time of writing, the canine-themed coin is changing hands at $0.2595. DOGE’s market cap has also climbed by 6.17% to hit $33,834,251,150. This makes the token the eighth-largest crypto by capitalization.
According to data from TradingView, DOGE’s oscillators and moving averages in the one-day chart indicate a growing buying force. With the token’s daily volume swelling 59.06% in 24 hours, the bullish momentum is likely to hold ground. Nonetheless, DOGe is still down 64% from its May 8 all-time high (ATH) of $0.7376.
Unlike DOGE, the AMC stock is performing poorly after losing 2.97% to trade at 35.86. This price also represents a 24.82% drop over the past 30 days and a 49% drop from its $72.62 ATH.
A promising relationship between AMC and DOGE
AMC announced that it seeks to start accepting Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) as payment for online ticket and concession payments by the end of the year. While DOGE does not feature in this list, it is unlikely that the company will pass on an opportunity to woo the massive community behind the cryptocurrency.
AMC’s consideration for the meme token comes after the DOGE community took to Twitter to protest against the coin’s omission in the list of cryptos that AMC seeks to support.
For instance, a DOGE enthusiast going by @MattWallace888 on Twitter said,
“You could have effortlessly had millions of new supporters by accepting #Dogecoin. No reason not to when you literally accept Litecoin which is also based off BTC. Selling all my AMC stock to buy more $Doge. Ridiculous.”
Such complaints compelled Aron to organize a Twitter poll, asking whether AMC should accept DOGE too. Over 95,000 out of the 140,388 voters voted in favor of embracing DOGE.
Delighted about the reaction his Twitter poll received, Aron said even Elon Musk, Tesla’s CEO and an ardent DOGE supporter liked his tweet. He added that the community’s support for DOGE is very impressive. Aron further disclosed that his DOGE tweet became his most retweeted, most liked, and most replied tweet after being read six million times.