Su Zhu, CEO of Three Arrows Capital, called Dogecoin the cryptocurrency of “blue-collar” traders and also made his very optimistic prediction for the price of DOGE.
The passion for Dogecoin
According to what he said in an interview conducted by “The Game Theory of Crypto Podcast,” Zhu has a real passion for Dogecoin, especially because it manages to attract traders’ attention.
“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 cryptocurrency investing, DOGE is 60% of their cryptocurrency revenue. And cryptocurrency is 40% of Robinhood’s revenue, so Robinhood is basically a DOGE proxy.”
By “blue-collar traders,” Zhu refers to that category of trader that is more hybrid than “white collar finance” traders.
In mid-August, Robinhood released a report regarding its second-quarter data, stating that Dogecoin accounted for 62% of its crypto revenue.
That’s a substantial increase in the exchange’s revenue, considering that cryptocurrency transactions in Q2 were $233 million, compared to just $5 million in Q1 2021.
During the interview, Zhu also refers to the latest news in late July from the Coinbase Commerce platform, which announced to its users that it would accept DOGE as a payment method.
And, in fact, The American platform that facilitates cryptocurrency payments for merchants, in addition to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), USD Coin (USDC), and DAI, now also accepts payments in DOGE.
Zhu: “Dogecoin is the people’s crypto.”
Continuing with the interview, Zhu then commented on Dogecoin in various speeches with descriptive phrases such as the following:
“[DOGE] receives four times the brand name recognition compared to Ethereum.”
“Dogecoin is the people’s crypto.” “Anyone can own whole amounts of DOGE.”
It’s inevitable to think then that the CEO of Three Arrows Capital is an avowed fan of the crypto meme, along with the infamous Elon Musk.
Not only that, the idea in which Zhu is reflected is exactly the same as that declared at the beginning of 2021 by Musk himself:
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
Recently, then, Musk also mentioned his beloved cryptocurrency in another of his tweets, comparing it to the outstanding Bitcoin (BTC) and Ethereum (ETH).
According to the Tesla CEO, basically, while BTC and ETH are pursuing a multilayer system but resulting in transactions that are still slow and expensive, on the contrary, DOGE is fast and has very low fees.
Dogecoin and animal-related initiatives
Zhu’s talk describing DOGE traders is not far from the initiatives users are undertaking involving the crypto meme.
Just this week, in fact, Dogecoin was used for a charitable initiative: the “Dogenation,” launched by PAWS Chicago together with the creative agency Leo Burnett to activate a cryptocurrency donation campaign to save animals.
Also, in this case, Dogecoin has been chosen for its testimonial symbol, the Japanese Shiba Inu dog, that with its memes, continues to attract more and more users. But also for the ease of purchase and use to make transactions.
Another association between Dogecoin and promotional initiatives has also been made in Brazil, albeit with Burger King.
At the end of July, in fact, the fast-food chain would have announced to accept DOGE as payment for its dog cookie, with the idea of associating animals and cryptocurrency here as well.