The adoption of cryptocurrencies continues to increase, despite the challenges facing them. In the latest development, Shiba Inu has now been adopted by one of the biggest retail companies in the world, Newegg. Newegg has now confirmed that it will begin to accept payments in Shiba Inu. Newegg is thus the latest among the brands that are accepting Shiba Inu payments.
The announcement was made on Twitter, the famous microblogging platform. In the tweet, Newegg, one of the biggest retailers of electronic appliances, posted a photo showing its logo and a Shiba picture. The tweet had a caption that introduced Shiba Inu as the latest payment on Newegg.
Coming soon to Newegg…$SHIB https://t.co/BeRw6mfPmZ@Shibtoken @ShytoshiKusama #ShibArmy #Shib #friendshib #newegg #blackfriday #cybermonday pic.twitter.com/3TOehrhyJ6
— Newegg (@Newegg) November 26, 2021
Newegg and Shiba Inu enthusiasts quickly engaged in the post. As of writing, the post has garnered nearly 14,000 likes and several hundred retweets. Many users who responded to the announcement praised the decision and expressed their belief in the adoption of Shiba Inu around the world. Some users also questioned the decision, asking if it was a viable option for the long run.
Earlier in the week, rumors of the planned adoption had filtered into the Shiba community and were met with a lot of excitement. The excitement heightened to the point where a Twitter user tagged the official Twitter accounts of Shiba Inu to ask if the rumors were true. Finally, the project lead at Shiba Inu tweeted about it earlier before Newegg confirmed the development.
Growing Crypto Adoption
Newegg is popular for being among the earliest supporters of crypto payments. The company started accepting Bitcoin in 2014 and rolled out payments to its users that same year. Since then, Newegg has added 10 more cryptocurrencies to the list of payment methods. In April this year, Newegg announced that it would begin accepting Dogecoin, the other popular memecoin that rivals Shiba Inu.
Despite the rollercoaster nature of the crypto market, more businesses have introduced payment methods that accept cryptos as payment. The rate has since grown and the list now has international companies and giants in the financial sector accepting cryptos. Payment processors, Visa and Mastercard, are reportedly working on integrating crypto into their platforms.
Increased Acceptance, Increased Value
It is a global truth that the more an asset is accepted, the stronger its value becomes. Although there are a few exceptions to that, cryptocurrencies have shown that it holds true in the crypto industry. The increasing adoption of Shiba Inu may translate into a strong bullish trend on the SHIBA charts.
Another factor that will positively impact Shiba is that Newegg has a strong presence in Asia, Europe, The Middle East, and Latin America. These continents are known to have investors with massive funds in the crypto market. It follows that there could be an increase in SHIBA transactions for purchasing on Newegg in those continents mentioned.
Despite this, the crypto industry must do more to create a safer and better environment for consumers. Only then can global adoption be achieved.