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Meme Stock Meets Meme Currency

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David Pinsen's Blog
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  • AMC considers accepting Dogecoin and selling NFTs.
  • Plus, a quick update on the Evergrande situation.

An AMC Theater. Photo by author. 

AMC Considers Taking Dogecoin

AMC Entertainment Holdings, Inc.'s (AMC) CEO Adam Aron has leaned in to his company's status as a meme stock. By bidding up the price of his shares earlier this year, Wall Street Bets "Apes" enabled Aron to stave off bankruptcy and then add some cushion to AMC's balance sheet via secondary offerings. Since then, Aron's been solicitous of his ape shareholders, for example by announcing a screening of Gorillas In The Mist on World Gorilla Day this week, with proceeds going to a gorilla charity. 

Aron has also done some innovative stuff with his chain of movie theaters, such as using them to screen UFC pay-per-view cards, and now NFL games. 

On Tuesday, Aron reminded his followers that AMC will be accepting Bitcoin, Etherium, Litecoin, and Bitcoin Cash for online payments by the end of the year, and ask them if AMC should look into accepting the meme cryptocurrency Dogecoin as well. 

As of this writing, Aron's poll has 107,000 responses, with more than 70% saying "Yes, for sure do it". 

What AMC Should Do Next: Auction NFTs

We wrote about NFTs, or non-functional tokens, in a post earlier this year (NFTs: Not Just A Blockchain Bubble). It may be worth re-reading as a primer, given boom in them since. Suffice it to say, for the purposes of this post, that NFTs are digital collectibles. AMC's CEO suggested recently that his company might sell NFTs of movie tickets at some point, but he may want to consider expanding the idea a bit, and striking while the iron is hot. This week, a company traded on the Pink Sheets reportedly auctioned off digital images of two cars that appeared in movies for a total of $14,000. Presumably, it would take some negotiations with the movie studios to sort out licensing and revenue sharing details, but why not hoover up some money while NFT speculators are willing to part with it? 

A Top Name Last Spring

As a reminder, AMC was one of our system's top ten names last April. 

Screen capture via Portfolio Armor on 4/1/2021.

Since then, it was up almost 315% as of Tuesday's close, but it has slumped over the last ten days. 

Our system was still modestly bullish on it as of Tuesday, but it wasn't one of our top names then. It's possible that investors' risk appetites for meme stocks have lessened a bit in the wake of the recent China Evergrande Group (EGRNF) situation. Let's wrap this up with a quick comment about that. 

Quick Evergrande Update

In our previous post, we offered a few ways to look at the Evergrande situation in China. So far, Mira Christanto's assessment looks to be accurate. 

In the event that changes, and this does lead to a crash in the U.S.: in the video below, we use the Portfolio Armor iPhone app to show how you can protect your portfolio.

As a reminder, we're raising the prices of our app and our website by a third at the end of the week, but current customers will be grandfathered and retain our current prices.

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