cryptoglobe.com
Recently, Su Zhu, Co-Founder, CIO, and CEO of Singapore-based crypto-focused hedge fund Three Arrows Capital talked about what makes him very bullish on Dogecoin.
Zhu’s comments were made during an episode of the “Uncommon Core” podcast that was released on August 25.
In short, as reported by The Daily Hodl, Zhu said that his bullishness is due to the huge “name brand recognition” that Dogecoin enjoys:
“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.“
He then tried to explain Dogecoin’s appeal to retail investors:
“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.“
According to data by TradingView, on crypto exchange Bittrex, $DOGE is currently (as of 14:15 UTC on August 30) trading around $0.2750, down 1.68% in the past 24-hour period, but up 37.50% in the past one-month period.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Image by “KNFind” via Pixabay