Three Arrows Capital CEO Su Zhu outlines his bullish thesis for Dogecoin
Three Arrows Capital CEO Su Zhu has outlined a bullish thesis for Elon Musk’s favourite cryptocurrency, Dogecoin (DOGE).
Speaking on an Aug. 25 episode of “The Game Theory of Crypto Podcast”, Zhu stated that he’s ke on DOGE as a result of the meme coin has captured extra curiosity from “blue-collar” merchants than every other crypto on the market.
During the interview, Zhu pointed in direction of knowledge from in style retail buying and selling app Robinhood, which posted its second-quarter report earlier this month and reported that 62% of the agency’s Q2 crypto income was from DOGE buying and selling:
“The best way to understand DOGE, I think, is that if you look at Robinhood, which is sort of the most blue-collar style of crypto investing, DOGE is 60% of their crypto revenue. And crypto is 40% of Robinhood’s revenue, so Robinhood is basically a DOGE proxy.”
“This is something that I think is mirrored as well now, Interestingly across Coinbase. I mean, a few days ago, DOGE volume was higher than Ether […] You know, people want to trade DOGE.” he added.
Cointelegraph reported on July 19 that each day DOGE buying and selling quantity reached nearly $1 billion in Q2. In comparability, the beloved meme coin’s common each day quantity in Q1 was $74 million.
The Three Arrows Capital CEO emphasised that DOGE has “four times the name brand recognition over Ethereum” in communities not effectively versed in crypto, as he echoed Elon Musk’s sentiments of DOGE being the “people’s crypto.” He outlined that anybody can personal “whole amounts of it,” even the “man who drinks beer can understand it,” and the neighborhood promotes it organically.
“If you just look on social media, you look on Twitter, Instagram, DOGE is the only coin where you can see a woman showing another woman and not being paid to do so, but just doing so because she likes the coin,” he stated.
No must be a gigachad to personal
— Elon Musk (@elonmusk) February 4, 2021
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While extra refined merchants might steer clear of DOGE resulting from its meme coin standing and volatility, Zhu questioned the concept that “crypto needs to be serious,” to achieve success. He drew comparisons with Ripple (XRP), which has confronted a prolonged authorized battle with the United States Securities Exchange Commission extra not too long ago, however hit a 36,000% achieve in 2017.
“It kind of reminds me of XRP in the previous cycle, which is better in every way, because one, there is no Foundation that has a ton of it. There’s no reliance on an elaborate ‘banks using it for payments narrative.’”
“It is just simple. And it’s also fair launched by the way. So there’s no risk of having it ever be deemed a security, right?” he added.