DOGE has 4 times the marque designation of Ethereum successful non-crypto circles says Zhu
Powered by Tesla CEO Elon Musk’s endorsement, Dogecoin has had an awesome year, increasing from being valued astatine $0.003 past August to trading astatine $0.27 astatine clip of writing. Addressing questions connected the aboriginal of the meme coin’s spectacular terms surge, money absorption steadfast Three Arrows Capital CEO Su Zhu explained his bullish thesis for Doge.
Speaking connected an episode of “The Game Theory of Crypto Podcast” hosted by crypto researcher Hasu, Zhu stated that Dogecoin’s quality to pull the attraction of blue-collar investors with its meme coin persona volition beryllium important successful its maturation going forward.
Historically, DOGE’s terms volatility and root person encouraged blase crypto investors to enactment distant from the cryptocurrency. Zhu addressed this by questioning wherefore a integer plus has to beryllium superior to beryllium successful.
Agreeing with Musk’s comments astir Dogecoin being the ‘people’s crypto’, Zhu pointed retired that Doge had 4 times the marque designation of Ethereum successful non-crypto circles. He added that anyone could ain full amounts of the cryptocurrency and adjacent the “man who drinks brew tin recognize it”.
Furthermore, DOGE is the lone currency that communal investors advocator for connected societal media, not due to the fact that they are paid to bash it but due to the fact that they similar the coin, the CEO said, lauding the Dogecoin community’s integrated promotion of the currency.
He past cited information from retail trading app Robinhood to amusement the grade of Dogecoin’s popularity among blue-collar investors. Robinhood precocious reported that DOGE transactions accounted for 62% of its full crypto gross successful Q2 of 2021.
“The champion mode to recognize DOGE, I think, is that if you look astatine Robinhood, which is benignant of the astir blue-collar benignant of crypto investing, DOGE is 60% of their crypto revenue. And crypto is 40% of Robinhood’s revenue, truthful Robinhood is fundamentally a DOGE proxy,” Zhu explained, adding that “people privation to commercialized Doge.”
Dogecoin’s upcoming upgrade has lone piqued the involvement surrounding the meme coin arsenic it is expected to not lone resoluteness scalability issues but besides maximise its basal furniture transaction complaint starring to faster and cheaper transactions.