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Who's a good boy? Shiba Inu price jumps as Newegg officially accepts meme coin

03 Dec, 2021
shibainu-spending

Popular canine cryptocurrency Shiba Inu (SHIB) is wagging its tail after seeing its price go up 33% on Wednesday, with a little help from a friend. And this time, it's not Vitalik Buterin. The surprising rally came after news broke that consumer electronics retailer Newegg Commerce (NEGG) officially confirmed that it would accept Shiba Inu as a form of payment, just as the holiday shopping season gets underway.

A crypto-friendly computer store

You might remember Newegg from our recent post on whether to spend cryptocurrency during the recent Black Friday sales. Newegg is an online consumer electronics retailer that sells a variety of tech products, from high-end gaming PCs and components to small accessories.

Newegg became popular in the crypto community as a source of hardware for mining Bitcoin and other cryptocurrencies, and the e-commerce company appeared to return the appreciation by being one of the earliest stores to accept Bitcoin back in 2014. Other retailers, especially in the tech and gaming sectors, also experimented with crypto payments, but many found the market's volatility too much to cope with and pulled out. Newegg, on the other hand, has been consistently crypto-friendly. Earlier this year, it also added Litecoin (LTC) and Dogecoin (DOGE) as payment options.

Now Shiba Inu finds itself once more competing in a dogfight with Dogecoin on the electronics platform. Both coins are currently very hyped, thanks to backing from celebrities in the crypto community and the feeling that something should be done with the enthusiasm these dog-based meme coins generate from the public. Although these cryptos started as jokey references, Newegg is certainly taking them seriously, announcing its acceptance of Shiba Inu on America's largest billboard on 30 November.

What's next? Shiba Inu to the moon? 

The boost from Newegg was good news for Shiba Inu, which bounced back after losing over a quarter of its value over the month of November. However, it's important to remember that the dog-themed coin is still only trading for a tiny fraction of a cent, so traders will need to move large amounts of SHIB to see significant profits.

Is Shiba Inu merely an expensive joke played with by the ultra-wealthy crypto celebrities? For now, it seems like SHIB doesn't have many concrete use cases that would give it real staying power in the market.

Being able to use it to buy electronics is a step in the right direction, and there are other projects on the horizon that could legitimise Shiba Inu and reward early investors. The creators of SHIB have teased a partnership with a well-known game developer, and there is growing speculation that the Shiba Inu crypto may play a role in the metaverse, a virtual reality environment that promises to connect gaming, e-commerce, and social media.

Trade SHIB on StormGain for maximum profit

The holiday season could be a critical time for SHIB's future, depending on whether more partnerships like this push the canine coin over the borderline from meme to a serious asset. Whether you back SHIB's potential or bet against it, you can find the best conditions for trading on StormGain, which offers a SHIB/USDT pair as well as the opportunity to trade SHIB/DOGE against each other. If you're not a StormGain client yet, sign up in just a few seconds to find out what the best crypto platform on the net can offer you.

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