Su Zhu, CEO of crypto hedge fund Three Arrows Capital, says he’s very bullish on Dogecoin (DOGE) for a number of reasons.
In a new episode of the Uncommon Core podcast, Zhu says the leading meme coin has captured the attention of common people outside the crypto space better than any other digital asset on the market.
The crypto guru cites DOGE’s vast dominance among retail investors on the popular Robinhood trading app as an example of the coin’s strong brand recognition.
“I’m very bullish on Dogecoin. I delved into the community, delved into what’s been happening and what’s kind of the broader thesis for people that own Doge, both in terms of normal people as well as investors… 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. And I think that DOGE has four times the name brand recognition over Ethereum in many communities in the US. Not talking about like smart people, but just talking about people.”
Zhu says that DOGE has a simple message of being “dog money” that makes it more accessible to the average person.
“I think that there’s something just very understandable about DOGE. It’s just like the ‘dog money,’ you put your money in ‘dog money’… I think that DOGE is really underestimated in terms of that sheer virality, and sort of the quality of the memes and the organicness of that…
It is the coin that people can own whole amounts of, it’s the coin that can be sent around among people… And also its memes are simple, like the man who drinks beer can understand it. The girl who posts selfies can understand it, and she can just put her money in it and outperform everybody.”
l
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/denisgo