The co-founder, CEO, and CIO of the hedge fund manager Three Arrows Capital, Su Zhu supports Dogecoin, as it's easy to understand and captures the interest of blue-collar traders.
Su Zhu expressed his opinion during the interview on “The Game Theory of Crypto Podcast”, where he talked about the crypto market in general and the possible market directions.
The executive mentioned Q2 results of the well-known trading application Robinhood. As it was stated in the report, Dogecoin was the dominant cryptocurrency on the app. 62% of Q2 crypto revenue came from DOGE.
Also, Zhu mentioned the fact that a few days ago, DOGE's volume was higher than Eth on Coinbase.One of the reasons for the coin's popularity is that it's easy to understand, says the executive. It prevails on social media as people like it and support DOGE without being paid to do so.
Zhu says crypto doesn't need to be serious to succeed, bringing the example of Ripple's XRP which has faced a lawsuit with the US SEC. Previously Three Arrows Capital CEO mentioned other cryptocurrencies and NFTs in his tweets. Currently, DOGE trades at around $0.27. It’s the seventh largest cryptocurrency by market cap, which stands at over $35.7 B.