Dogecoin hits AMC theaters by Investing.com
Investing.com – In an extremely weak market environment, it’s doing for the stocks of AMC Entertainment (NYSE 🙂 on Wednesday in US early trading down 2.16% to 36.26 dollars, despite the fact that the US cinema operator, which has been buoyed up by Reddit, Meme and Yolo traders in the last few months has announced that it will accept the popular Dogecoin cryptocurrency for purchase of gift cards.
As of now, customers can buy digital gift cards with and other cryptocurrencies, as the CEO of AMC Theaters, Adam Aron, announced with great joy via tweet on Twitter.
With the help of BitPay Wallet, customers can buy cards worth up to $ 200 a day. The gift cards are accepted both in the cinemas and in the app.
At the beginning of August, Aron had already announced a crypto offensive. From the end of the year, cinema-goers should be able to use the crypto currency to pay for their cinema tickets and snacks in the USA.
AMC Entertainment gained worldwide fame during the year as its stocks rallied to new record highs in meme stocks like GameStop (NYSE 🙂 and Naked Brand (NASDAQ :). To this day, private traders organize and gather in the subreddit WallStreetBets and are driving hedge funds that have placed massive short bets on the ailing cinema operator.
The hope: by constantly buying and holding AMC shares, eventually triggering a short squeeze, in which hedge funds have to buy back their borrowed shares at a higher price in order to limit their losses, which creates even more demand for the paper and the price of the AMC shares so drives them to levels that currently seem unimaginable, after all, all shortsellers are pushing to exit at the same time and if everyone wants to buy, the price rises rapidly.
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