American Online Retailer Newegg to Accept Shiba Inu (SHIB)
The company will accept SHIB as a form of payment on its platform.
Nearly two days after the digital exchange Kraken announced the support for Shiba Inu (SHIB), American firm Newegg became the latest company to adopt SHIB for payments. Newegg Commerce is a leading North American technology-focused online retailer.
Newegg will accept Shiba Inu for payments by early December. The e-retailer is known for its crypto adoption as the company accepted Dogecoin as a form of payment on its platform in early 2021. Newegg also supports several other digital currencies, including Bitcoin (BTC).
Founded in 2001, Newegg is an online marketplace platform for desktop PCs and IT computer hardware, consumer electronics, automotive, gaming products, and finished goods. The company developed a strong partnership with BitPay in the last few years to offer innovative payment options.
“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,” said Andrew Choi, Director of Brand Marketing at Newegg. “Through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, were excited to offer Shiba Inu (SHIB) as a payment option on Newegg.com.”
Volatility in Shiba Inus Price
SHIB saw a volatile last week as its price experienced major rallies and corrections within a few days. After Krakens announcement of Shiba Inu, the price of the digital asset jumped by more than 30%. However, SHIB saw a major correction in the last 24 hours as the price dropped by more than 15%. While the yearly gains of Shiba Inu are way more than any other crypto asset in the top 10, its gradual decline in the last 5 weeks has raised concerns over the long-term growth of the meme coin.
Known as the competitor of Dogecoin (DOGE), Shiba Inu has a market cap of more than $25 billion.
