Is Shiba Inu, Dogecoin expected to pull AMC Theatres out of debt?

Sahana Kiran
Shiba Inu
Source: Unsplash

The popularity of meme coins like Shiba Inu [SHIB], Dogecoin [DOGE], as well as BabyDoge Coin [BabyDoge], have nudged prominent platforms across the globe to onboard them. The world’s largest movie theatre chain, AMC Theatres decided to ride the meme coin wave and is all set to start accepting two major coins in the next couple of weeks.

Back in 2021, the CEO of AMC, Adam Aron hinted at enabling payments in cryptocurrency. Further affirming this, Aron revealed that only four coins would be accepted as payments. This list included Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], and Litecoin [LTC]. Following this, the Shiba Inu as well as the Dogecoin community stepped up and urged Aron to incorporate them into the list.

Instead of just adding these assets, the skeptical CEO decided to set up a voting system on Twitter. Both these assets managed to amass the required number of votes and landed a spot at AMC.

No major update followed suit. Therefore, the community stepped up and asked the CEO about the inclusion of Shiba Inu and Dogecoin. Responding to this request, Aron tweeted,

Shiba Inu, Bitcoin, Dogecoin to save AMC from its financial rut?

The pandemic has done no good to anyone. The lack of human contact and consistent lockdowns forced several platforms to go out of business. AMC seemed to be dealing with a similar situation. Aron recently revealed that the firm had taken a debt on high-interest rates back in 2020.

While affirming that AMC was improving with regards to its financial position, Aron revealed AMC’s new year resolution. He said,

“MY NEW YEAR’S RESOLUTION FOR AMC. In 2020 and early 2021, AMC took on debt at high interest rates to survive. If we can, in 2022 I’d like to refinance some of our debt to reduce our interest expense, push out some debt maturities by several years and loosen covenants.”

Additionally, it was noted that AMC was shutting down in certain locations. The latest theatre to shut shop was the one in Madisonville. This further led to several speculating that the inclusion of Shiba Inu, Dogecoin, and other cryptocurrencies was most likely to revive the platform’s financial position.