GameStop is the latest company in the world to accept Shiba Inu and Dogecoin. The company behind the popular GameStop meme stocks (Nasdaq shares : GME) will begin accepting cryptocurrencies for payment at its US locations.
GameStop now accepts cryptocurrencies
This new development was announced by cryptocurrency payment processor, Flexa on its Twitter page, and added that it will support payments in popular meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Other cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Axie Infinity Shards (AXS), Decentraland ($ MANA) and Smooth Love Potion (SLP) will also be accepted.
With this new development, the video game retailer will start using Flexa's SPEDN app to accept cryptocurrencies.
Flexa has been providing payment support for various cryptocurrencies in the United States over the past few months. It recently enabled film operator Regal Cinemas to accept cryptocurrency payments in over 500 US locations.
It also helped the Sheetz store chain accept DOGE and other cryptocurrencies in May. We also reported that it is rolling out support for Cardano (ADA) in over 40.000 locations.
The price of DOGE and SHIB has appreciated in the last 24 hours
With SHIB and DOGE declining in value for weeks, this new announcement could be the potential catalyst they need to return to their former heights or at least get closer.
Both meme coins have lost a significant portion of their year's earnings over the past 30 days, as they fell in value alongside Bitcoin. According to CoinMarketCap, Shiba Inu has lost more than 30% of its value in the past 30 days, while Dogecoin has also lost more than 25%.
However, both coins have seen their prices rise in the past 24 hours, with DOGE rising 2,5% while SHIB had a more significant 8,59%. While this may not necessarily be due to GameStop's announcement, it's a good sign for the meme coin as it struggles to get out of the red zone.
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