‘Shiba Inu as a Payment’ at Gucci! What Does it Mean for the Memecoin?

Shiba Inu has now got a new chance to redeem its lost market position and legitimacy

Shiba Inu has seen far better days in 2021 than it is currently facing in 2022. The skyrocketing memecoin has dived more than 20% in April since its all-time highs. Even after its historic listing in one of the most prominent crypto exchanges, Robinhood, the crypto failed to perform and instead, drastically fell taking down with it the high hopes of the investors. According to reports, the SHIB token is more than 76% below its all-time highs in October 2021. Critics have always been quite skeptical regarding the crypto's future potential and after its poor price rally and consistent bearish state since the beginning of 2022, even SHIB investors started looking for other means of investment to avoid any further losses. But recently, they are envisioning some ray of hope after Gucci announced that it will be accepting payments through a bunch of cryptocurrencies, including Shiba Inu. The world-renowned high-fashion brand is all set to accept payments in digital currencies in all its five stores located in the US from later this month. Gucci announced this initiative right after it started exploring the Web 3.0 domain. Experts believe that this step from Gucci will definitely spike the Shiba Inu price and will in some way support its falling value.

Gucci plans to extend this pilot to all its stores across North America this summer. The brand will be accepting payments in 10 different digital currencies which are, Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and five different types of stablecoins. According to reports, the fact that Gucci is accepting cryptocurrencies as payments is mainly driven by the growing demand for crypto-to-fiat conversion as Gucci will finally be accepting fiat funds, which indicates that banks and other centralized digital payment services will continue to witness a growth in the crypto-to-fiat services and will develop upon a new domain of financial services. Reports also mentioned that in-store payments will be carried out with a link that will be sent via email to the customer. It will contain a QR code that will enable the buyers to execute the payment from their crypto wallets. Then Gucci professionals will themselves convert the digital asset into fiat currencies.

Will this affect Shiba Inu's price?

The immediate answer to this question is yes, it definitely will, but there are concerns about its extreme volatility, given that no matter what provisions are given to Shiba Inu, its price falls drastically a few days later. This Gucci pilot program is will roll other high-fashion brands into the crypto market, and instigate a new wave of crypto adoption but investors are quite doubtful about its current and future state. In 2021, Shiba Inu was one of the most popular cryptocurrencies that generated major profits for its investors. But after the crypto market meltdown by the end of 2021, major cryptocurrencies including Bitcoin, Ethereum, and Solana faced enormous losses. Well, atleast you can console yourself by thinking that Shiba Inu was not alone!

It seems there are hopes among crypto investors that Shiba Inu will finally redeem itself to becoming one of the top cryptocurrencies in the world, but sadly if only its volatility allows it, then only the SHIB token has a chance!