Intro: Su Zhu, CEO of Three Arrows Capital sees Dogecoin be bullish. In a recent appearance in one of the shows, he shared his opinion on DOGE as the meme coin has garnered the interest of blue-collar traders than anyother crypto in the market.
Su Zhu, CEO of Three Arrows Capital believes that Dogecoin (DOGE), one of the favourites of Elon Musk is on a bullish run. During an episode of The Game Theory of Crypto Podcast, he revealed that he is keen on DOGE as the meme coin has garnered the interest of blue-collar traders than anyother crypto in the market.
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Zhu has researched the data of the DOGE from the retail trading app Robinhood, which posted its second-quarter report earlier this month. According to the report, the firm’s Q2 crypto revenue was 62%, which was earned from DOGE trading.
DOGE Vs Ether
He further stated that on the Coinbase exchange, DOGE volume was higher than the Ether. This means that the people are interested in DOGE and want to trade in it. As per the reports by the media publication, the trading volume of the DOGE is increasing. It has reached almost $1billion in Q2. however, its average daily volume in Q1 was $74million.
Zhu also claimed that DOGE has a very good potential than Ethereum. He emphasized that DOGE has four times the name brand recognition over Ethereum. It is popular among communities not well-versed in crypto. He echoed Elon Musk’s sentiments of DOGE being the people’s crypto. He said that anyone can own whole amounts of it and the community promotes it organically.
DOGE Popular among women
Zhu also said that DOGE is also popular among women. Many women are investing in DOGE. it is also evident from the social media posts on Twitter, Instagram, where one can see that it is only the DOGE coin where one can see a woman showing another woman and not being paid to do so because she likes the coin.
On the other hand, the coin is not popular among the more sophisticated traders. They may want to stay away from the coin because of its meme coin status and volatility. Zhu said that crypto needs to be serious and successful. He compared the coin with Ripple (XRP), which witnessed a lengthy legal battle with the United States Securities Exchange Commission more recently. It hit a 36,000% gain in 2017.