AMC and Dogecoin. Watching a film with cryptocurrencies

It was the most eagerly awaited announcement from AMC. For entry into the cinemas operated by the American giant, it will now be possible to pay in Dogecoin through BitPay.

AMC accepts Dogecoin for film viewing

In a tweet, Adam Aron, the CEO of AMC Entertainment Holdings, America’s largest cinema and theatre chain, announced that the company will accept Dogecoin and other cryptocurrencies for its payments.

This is the tweet from Aron:

“Huge news dogecoin fans! As we work to accept online crypto payments, now you can buy AMC Theatres digital gift cards (up to $200 per day) with dogecoin and other cryptocurrency using a Bitpay Wallet. Accepted on our website, mobile app, and in theatres”.

From what we learn from the Company, the payments accepted will be for gift cards to get into AMC-owned theaters, enabled by BitPay’s digital wallet. Great excitement for the ever-growing community of fans of the currency dear to Elon Musk.

With regard to his post, the CEO of AMC said:

“So Fascinating! Dogecoin Poll was by far my highest ever read tweet. In 24 hours, 4.2 million views, my most ever retweets, most ever replies”.

Holders of the token will be able to purchase up to $200 worth of digital gift cards per day. These cards can be spent at the company’s more than 600 venues in the US.

AMC also said that by the end of 2021, it plans to accept four other cryptocurrencies, Bitcoin, Ethereum, Litecoin and Bitcoin Cash, as forms of payment. The company had not actually planned to include Dogecoin, but after the overwhelming success of a survey, carried out via Twitter, it was decided to include it as a means of payment.

Dogecoin, the currency born as a joke

Created in 2013 by engineers Billy Markus and Jackson Palmer for fun, Dogecoin has become one of the most interesting phenomena in the last two years.

To date, its capitalization is around $27 billion. Its definitive consecration took place thanks to an endorsement in its favour by the charismatic Elon Musk, who led the coin to rise by 800% in a short time. 

On 18 May 2021, Dogecoin reached an all-time high of $0.0731, up 2000% in one year. This followed Elon Musk’s announcement that his aerospace company SpaceX would finance a mission to Mars with Dogecoin.

In March this year, the company CoinFlip announced that 1800 ATMs across the US would support Dogecoin.

In recent months, interest in Dogecoin has waned. Transactions of the coin, according to cryptocurrency market data provider Crypto Compare, have fallen to the lowest since December 2017. The number of daily transactions is around 18,000, compared to a peak in April of over 140,000.

This is due to the fact that Dogecoin has seen the emergence of a long string of imitators and competitors, the most famous of which is surely Shiba Inu.

The latest “Doge killer” is the coin called Nano Dogecoin, which spiked in value by 5,000% in one day. 

However, Dogecoin also has other problems that could affect its future price. Michael Kamerman, CEO of online broker Skilling, specializing in CFDs, told the UK newspaper Express that:

“The resurgence in attention to Dogecoin, which was originally launched as a parody currency, may seem attractive to investors due to its volatility, but for the currency to ever have intrinsic value, scalability and security issues need to be addressed”.

However, it’s hard to imagine that this would affect Dogecoin too much and undermine its popularity, as confirmed by AMC’s news report. Robinhood Markets has announced that it will launch in the coming days, a new crypto wallet feature that will allow users to make deposits and withdrawals on Dogecoin as well.