GameStop Stock Set to Level Up With Adoption of Dogecoin and Shiba Inu Cryptos

Meme stocks and pupcoins are the peanut butter and jelly of investing — they go together so well. There’s no doubt that these two asset classes are colliding this year. Now, investors are seeing the assets combined in a way not seen before. GameStop (NYSE:GME), the monarch of meme stocks, is teaming up with a couple of pupcoins on payment options. GameStop stock, of course, is primed for gains from the news.

Concept art for the Shiba Inu (SHIB) cryptocurrency.

Source: Shutterstock

The video game retailer is the genesis of a whole wave of retail stock trading, and almost nobody saw it coming. That is, nobody except for the dedicated member of Reddit’s r/WallStreetBets; these investors led a flock of buyers to GME through the year and pumped the stock’s value from $17 to a high of over $480.

The success of the stock remains controversial; many institutional investors are downright certain that GME’s fundamental value is far lower than where it trades currently. Retail traders aren’t backing down.

At the same time, GameStop is working very hard to mount a compelling turnaround and both satisfy skeptics and pull through for its supportive believers. Beginning with Chewy (NYSE:CHWY) co-founder Ryan Cohen, the company is adding new members to its board and exec team left and right. It is also apparently making efforts to become a play on burgeoning technologies like non-fungible tokens (NFTs) and Web 3.0.

GameStop Stock: GME Adds Support for Shiba Inu Crypto and Dogecoin Through Flexa Partnership

The company is continuing to bolster its offerings today with some exciting news for crypto traders. That’s because GameStop will be adding support for a group of crypto payments, including Shiba Inu (CCC:SHIB-USD) and Dogecoin (CCC:DOGE-USD). Investors are lauding the announcement as a big win for GameStop stock.

Dogecoin and Shiba Inu are two of the most wildly popular cryptos of the year; this comes after both currencies saw massive price jumps. Now, users of the Flexa crypto payments app will have the opportunity to use these currencies to pay for goods at GameStop locations.

The official Flexa Twitter account made the announcement early last week that GameStop will be one of the newest partners for its app. Indeed, using Flexa, users can seamlessly transact at any of its partners’ locations using crypto. Alongside DOGE and SHIB, users can pay with cryptos like Bitcoin (CCC:BTC-USD) and Litecoin (CCC:LTC-USD).

This news is a big win for GameStop; indeed, many investors want places to spend their crypto holdings. And, just as many investors want opportunities to give GameStop their business. As such, this news is largely bullish for both crypto buffs and GME holders.

As we get into the afternoon, GME is down about 1%; the stock is also trading below average volume for the day.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC