Three Arrows Capital CEO Su Zhu presents his bullish thesis for Dogecoin

Three Arrows Capital CEO Su Zhu presented a bullish thesis for Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE). Speaking on an Augu...

Three Arrows Capital CEO Su Zhu presented a bullish thesis for Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE).

Speaking on an August 25 episode of “The Game Theory of Crypto Podcast,” Zhu declared that it’s on DOGE because the coin itself has garnered more interest from “blue collar” traders than any other crypto on the market.

During the interview, Zhu highlighted data from popular retail app Robinhood, which released its second quarter report earlier this month and reported that 62% of the company’s crypto revenue in the second quarter was from DOGE trading:

“The best way to understand DOGE, I think, is if you look at Robinhood, which is sort of the blue-collar style of crypto investing, DOGE makes up 60% of their crypto income. And crypto makes up 40% of the crypto. Robinhood revenue, so Robinhood is essentially a DOGE proxy. “

“This is something that I think is also reflected now, in interesting ways, through Coinbase. I mean a few days ago the volume of DOGE was greater than that of ether […] You know, people want to trade DOGE. he added.

Cointelegraph reported on July 19 that the daily DOGE transaction volume reached nearly $ 1 billion in the second quarter. By comparison, the average daily volume of the beloved meme coin in the first quarter was $ 74 million.

The CEO of Three Arrows Capital pointed out that DOGE has “four times the brand awareness compared to Ethereum” in communities unfamiliar with crypto, as it echoed Elon Musk’s sentiments that DOGE is “the people’s crypto.” He stressed that anyone can own “whole quantities” of it, even “the man who drinks beer can understand it,” and the community is promoting it organically.

“If you just look on social media, you look on Twitter, Instagram, DOGE is the only room where you can see a woman showing another woman and not being paid to do it, but doing it just because she love the room, ”he said. noted.

Related: Dogecoin To Help Real Dogs – Chicago Animal Shelter Now Accepts Crypto

While more sophisticated traders may stay away from DOGE due to its coin status and volatility, Zhu questioned the idea that “crypto has to be serious” to be successful. He made comparisons with Ripple (XRP), which faced a long legal battle with the United States Securities Exchange Commission more recently, but reached a 36,000% gain in 2017.

“It reminds me a bit of XRP from the previous cycle, which is better in every way because there isn’t a Foundation that has a ton of it. There is no dependence on a “banks that use it for payment history”.

“It’s very simple. And it’s also just launched elsewhere. So there is no risk that it will ever be considered a security, is there? ” he added.