It’s official: before the holiday season, Newegg will start accepting Shiba Inu (SHIB) as a form of payment.
Shiba in a DOOH campaign
The company says in a statement on its official website that the initiative will be accompanied by a massive digital out-of-home (DOOH) campaign on The Reef, North America’s largest DOOH billboard, located in downtown Los Angeles.
Newegg Commerce is a Nasdaq-listed company, and is one of North America’s leading technology-focused online retailers.
It is worth noting, however, that the day after this news was published, the stock lost almost 3% of its value on the stock exchange, but returned to the levels of the previous week.
The price of SHIB rose by 37% after the news was published, but then fell back to levels that were higher than before the rise. Its value is now 30% lower than it was a month ago.
Newegg pioneer in cryptocurrencies
Newegg is a crypto pioneer, as it was the first major e-commerce company to accept Bitcoin as a payment method back in 2014, thanks to BitPay. In early 2021, it also started accepting Dogecoin.
Director of Brand Marketing at Newegg, Andrew Choi, said:
“We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies. Through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com”.
The genesis of Newegg and Shiba Inu
Newegg was founded in 2001, and offers both direct sales and an online marketplace primarily for PC, hardware, consumer electronics, automotive and gaming products.
Shiba Inu is a crypto project that was launched last year with the aim of competing with Dogecoin on the Ethereum network, but only achieved great success this year, particularly since May. This success has been so rapid and resounding that the price of the SHIB token has risen 73,000,000% in recent months.
At the moment, though, it is 46% below its all-time high of 28 October.