Su Zhu, the CEO of crypto hedge fund Three Arrows Capital, has recently come out with a bullish statement on the meme-inspired cryptocurrency Dogecoin for a number of reasons.
Su Zhu remarked his bullish statement on the meme coin during a podcast. According to Zhu, the meme-inspired cryptocurrency has caught the attention of common people outside of the crypto space in a better fashion than any other digital asset in the market. More specifically, Zhu stated that Dogecoin has been the only crypto asset that is recognized by blue-collar traders and common people that are involved with crypto space.
Dogecoin has been the only digital asset that gained more fame from people outside of the crypto industry than any other digital asset in the market, which further cemented the meme coin’s title as the “People’s cryptocurrency”.
The hedge fund CEO also believes that Dogecoin’s brand recognition is four times greater than Ethereum in many communities in the United States. He added the recognition was not only related to crypto enthusiasts but the average individual. He asserted his belief by citing that Dogecoin trading volume was higher than Ethereum according to the Coinbase crypto exchange report.
The crypto guru used the popular trading app Robinhood as an example to explain Dogecoin’s vast dominance among retails investors, and its strong recognition in the market. The trading app Robinhood, posted its financial reports for the second quarter of 2021 earlier this month, which reported that 62% of the trading firm’s crypto revenue was from Dogecoin trading.
The Three Arrows Capital CEO emphasized brand recognition and outlined that the average person not well-versed with crypto space is able to understand Dogecoin and even make whole amounts from it. He echoed the sentiment of Tesla’s CEO Elon Musk who stated that Dogecoin is the “People’s crypto”. He added that the Dogecoin community promotes the meme coin organically.
While many erudite traders advise staying away from Dogecoin due to its status as a meme coin, and its volatility, Zhu has stated otherwise. The crypto guru questioned the idea of a crypto asset needing to be serious in order to be successful and drew comparisons with XRP, the native asset of Ripple. He explained that the XRP token has gained 36,000% in 2017 while the company was in the middle of a lengthy legal battle with the SEC.
