Three Arrows Capital CEO Su Zhu expects Dogecoin to continue to grow as the coin is “easy to understand” and has captured the attention of lay traders.
During the Crypto Game Theory podcast, Su Zhu revealed that he is bullish towards Dogecoin. It is this coin, according to him, that blue-collar workers are most interested in – people for whom trading is just a hobby. This is also confirmed by the data of the Robinhood platform, 62% of cryptocurrency revenues of which came from transactions with DOGE.
“The growth of DOGE is obvious. One has only to look at Robinhood, the platform best suited for non-professional traders. There, 60% of cryptocurrency income came from transactions with Dogecoin, and cryptocurrencies provide 40% of the total platform income. We can say that Robinhood is a proxy platform for DOGE, ”said Su Zhu.
He added that a similar picture is observed at other sites, albeit not in such proportions.
“The situation is repeated on many sites, for example, on Coinbase. A few days ago, DOGE trading volumes exceeded ETH trading volumes. People just want to trade DOGE, ”says the investor.
Plus, Dogecoin is much more recognizable among groups not too familiar with cryptocurrencies. In such communities, DOGE was heard four times more often than ETH. This, however, is not surprising, because the coin is promoted by the American entrepreneur Elon Musk and many other people popular on social networks.
More professional traders often stay away from Dogecoin due to the coin’s volatility and its status as a “crypto-meme”. However, according to Zhu, to be successful, cryptocurrency “doesn’t have to be serious.”
After a significant increase in interest in Dogecoin and, accordingly, the growth of the rate of this cryptocurrency, both the developers and the non-profit organization Dogecoin Foundation have become more active. In the nearest future the organization plans to open a headquarters in Liechtenstein. The developers hope to turn the coin into a popular and effective means of payment.
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