Gucci’s “Shiba Inu Payment”! What Does This Mean for Memecoin?
Shiba Inu now has a new opportunity to recover its lost market position and legitimacy.
Shiba Inu’s life in 2021 is far better than what it currently faces in 2022. The soaring memecoin has plunged more than 20% since its all-time high in April. Even after its historic listing on Robinhood, one of the most famous cryptocurrency exchanges, the cryptocurrency did not show up, but fell sharply, bringing in the high hopes of investors. It is reported that Shib tokens are more than 76% lower than the historical high in October 2021.
Future Potential of Cryptocurrency
Critics have been quite skeptical about the future potential of cryptocurrency. After its poor price rebound and continuous bearish state since the beginning of 2022, even Shib investors began to look for other investment means to avoid any further losses. But recently, after Gucci announced that it would accept payments through a pile of cryptocurrencies, including Shiba Inu, they envisioned some light of hope.
The world-renowned haute couture brand is ready to accept digital currency payments in all five of its stores in the United States later this month. Gucci announced the move after beginning to explore the field of Web 3.0. Experts believe that Gucci’s move will certainly make the price of Chivas soar and support the decline of its value to some extent.
Gucci plans to extend the pilot to all its stores in North America this summer. The brand will accept payment in 10 different digital currencies: bitcoin, bitcoin cash, Ethereum, wrapped bitcoin, Wright coin, Shiba Inu and five different types of stable coins.
It is reported that Gucci’s acceptance of cryptocurrency as a payment method is mainly driven by the growth of demand for cryptocurrency to legal currency conversion, because Gucci will eventually accept legal currency funds, which indicates that banks and other centralized digital payment services will continue to witness the growth of cryptocurrency to legal currency services and will develop in New areas of financial services. The report also mentioned that in store payment will be made by sending a link to customers by email.
It will contain a QR code that enables buyers to perform payments from their cryptocurrency wallet. Gucci professionals then convert their digital assets into legal currency.
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Will This Affect the Price of Shiba Inu?
The direct answer to this question is yes, but some people worry about its extreme volatility, because no matter what regulations are given to Shiba Inu, its price will drop sharply in a few days. The Gucci pilot project will bring other high fashion brands into the cryptocurrency market and incite a new round of cryptocurrency adoption, but investors are quite skeptical about its current and future status.
Shiba Inu was one of the most popular cryptocurrencies in 2021, bringing significant profits to its investors. However, after the collapse of the cryptocurrency market at the end of 2021, major cryptocurrencies, including bitcoin, Ethereum and Solana, faced huge losses. Well, at least you can comfort yourself that Shiba Inu is not fighting alone!
It seems that among cryptocurrency investors, there is hope that Chaigou will eventually recover itself and become one of the world’s top cryptocurrencies, but sadly, if only its volatility allows, only Shib tokens will have a chance!