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.“
Earlier today, one popular crypto influencer told his over 181K Twitter followers why it is important for all Dogecoin node operators to update to the latest version of Dogecoin Core (i.e. v1.14.4,), which was released 10 days ago.
According to Dogecoin Core 1.14.4’s release notes on GutHub, although this is a ” minor version release”, it is important for two reasons. First, it “prepares the network for a reduction of the recommended fees by reducing the default fee requirement 1000x for transaction relay and 100x for mining”.
Second, it “increases freedom for miner, wallet and node operators to agree on fees regardless of defaults coded into the Dogecoin Core software by solidifying fine-grained controls for operators to deviate from built-in defaults”.
Finally, a few hours ago, pseudonymous crypto analyst and influencer “DonAlt” told his over 303K Twitter followers what he thinks about Dogecoin’s latest price action.
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.
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.