Shiba Inu is a leading meme coin that was launched in May 2021. The coin was created to be an alternative to Dogecoin, a popular cryptocurrency that was being promoted by Elon Musk, the wealthiest person in the world. It is now valued at over $12 billion and is the 13th biggest coin in the world. In this article, we will look at what Shiba Inu is and some of the top companies that accept it.
What is Shiba Inu?
Shiba Inu is a cryptocurrency that was developed at the height of meme investing in 2021. At the time, the developers’ goal was to have a secure digital currency that people could use to handle all types of transactions.
Shortly after launch, Shiba Inu’s price skyrocketed and made it a top ten cryptocurrency. As the momentum waned, the coin crashed to an all-time low. It then came back to life in the fourth quarter of 2021 and rose to the highest level on record.
Shiba Inu’s developers have expanded the ecosystem lately. For example, they have moved to decentralized finance by launching Shiba Swap. Also, they have launched two more cryptocurrencies known as BONE and LEASH.
A key characteristic of Shiba Inu and other cryptocurrencies is how cheap it is. At the time of writing, the coin is trading at $0.000024, making it more affordable by the masses. Click here to learn more about Shiba Inu.
Uses of Shiba Inu
Shiba Inu has multiple uses. For example, people can use the coin to send money to one another. By doing so, they will bypass the centralized financial system that is provided by companies like PayPal and Skril.
Further, Shiba Inu can be used to pay for products in retail and online stores. The developers argue that the coin can be accepted globally and the cost of transactions is a bit lower.
However, the most common use case for Shiba Inu is that it is an investment asset. Indeed, most people who hold Shiba Inu do so because of its investment benefits.
Most businesses don’t accept it because of its volatility. For example, between March 1 and March 11th 2022, the coin was down by over 20%. Therefore, such volatility is a bit difficult for most companies to accept.
Another reason why most companies don’t accept Shiba Inu is that the number of people who hold the coin is substantially small. Here are some firms that accept the coin.
GameStop is a company that offers video games and consoles in its retail stores in the US. While the company has been around for decades, its popularity grew in 2021 as it became the poster child of meme stocks. In 2021, the company said that it was partnering with Flexa, a company that helps businesses process cash. As part of the integration, the company said that it was accepting Shiba Inu and other cryptocurrencies. Still, it has not revealed the percentage of its revenue that comes from the coin.
Nordstrom is a leading department store valued at over $3.8 billion. It is one of the best-known stores for premium products. Like GameStop, the company started accepting cryptocurrencies by partnering with Flexa. Like GameStop, the company has not revealed the volume of its Shiba Inu transactions. However, there is a likelihood that the volume will keep growing as more people embrace the coin.
3. Bed Bath and Beyond
Bed Bath and Beyond is a leading American retailer that sells thousands of products mostly in the US. It sells products worth over $9.2 billion per year. Like GameStop, the company became more popular during the meme stock craze. As part of its management’s strategy to capture young people, it decided to start accepting Shiba Inu and other cryptocurrencies.
4. Ulta Beauty
Ulta Beauty is an American retailer that focuses on beauty and cosmetics products. It has hundreds of stores in the US where it sells all type of products. It also has a vibrant e-commerce business. It sells products worth over $6 billion while the company is valued at over $20 billion. Ulta Beauty started accepting cryptocurrencies in 2021.
Lowe’s is a giant corporation that sells home improvement products. It is valued at over $150 billion making it the second biggest firm in the industry after Home Depot. Through its partnership with Flexa, the company now accepts Shiba Inu and a variety of cryptocurrencies.
The number of companies accepting cryptocurrencies has grown in the past few months. The most high profile one is Tesla, which started to accept Dogecoin in its merchandise store. Analysts believe that more companies will embrace these coins although the biggest challenge is volatility. Therefore, there is a likelihood that most of them will first embrace stablecoins that are backed by the US dollar.