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‘I’m Very Bullish on Dogecoin,’ Says Crypto Hedge Fund CEO Su Zhu – Here’s Why

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Su Zhu, CEO of crypto hedge fund Three Arrows Capital, says he’s very bullish on Dogecoin (DOGE) for a number of reasons.

In a new episode of the Uncommon Core podcast, Zhu says the leading meme coin has captured the attention of common people outside the crypto space better than any other digital asset on the market.

The crypto guru cites DOGE’s vast dominance among retail investors on the popular Robinhood trading app as an example of the coin’s strong brand recognition.

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“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.”

Zhu says that DOGE has a simple message of being “dog money” that makes it more accessible to the average person.

“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…

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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.”

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Dogecoin holders in the US significantly outnumber the rest of the world

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• The meme crypto is trading over $0.24 today, the 23rd of October.
• Dogecoin touted as a perfect alternative for fast crypto transactions.

According to research from Finder, a cryptocurrency survey agency, Dogecoin has improved its adoptions among North American enthusiasts. The agency specifies that the purchase of the token has doubled so far this year, positioning the US as number one in DOGE adoptions.

Doge, a meme cryptocurrency developed in 2013, has gained fame with the CEO of Tesla Elon Musk alongside other celebrities on Twitter’s speculations. The research agency indicates that DOGE ranks high among the top three cryptocurrencies, alongside Ether and Bitcoin.

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Dogecoin has become one of the favorite tokens for Americans

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Finder clarifies that Dogecoin is becoming one of the favorite cryptos for Americans after Bitcoin. The figures indicate that the adoptions wave in DOGE is 30 percent, which shows a large increase compared to last year.

The research also talks about ADA, a cryptocurrency developed by Cardano, which has been very famous among Australians. According to research, ADA would be in fourth place in adoptions in the United States, while 4 out of 10 people in the Australian region have it.

The study also focuses on the crypto adoptions wave in Asia, where Dogecoin is not as well-received as Bitcoin, Binance Coin, and Ethereum. Enthusiasts focus on Bitcoin’s highest value in this region, while another part seeks to profit from ETH.

The research is based on over 41,000 people surveyed in the United States and 21 other countries. According to the study, at least one in ten people have cryptocurrencies globally, showing that the adoption wave grows.

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The reason for DOGE’s increease in adoptions

The new adoptions wave in Dogecoin could be due to many reasons, starting with the token’s value in recent weeks. According to CoinMarketCap, DOGE is trading at $0.2468, representing a rise of 3.24 percent of its price in less than 24 hours. The crypto website also specifies that the token has increased in price to over 2.69 percent in the last seven days.

After Polkadot, this high index makes crypto meme number nine among the top crypto outperforming USDC and LUNA. DOGE has also gained fame as the preferred crypto of Elon Musk. Musk recently posted a new tweet about Dogecoin that helped boost its value.

The cryptocurrency meme has also been taken as a great option for enthusiasts looking for speedy crypto transactions. DOGE has become the perfect alternative to tokens like Bitcoin because its demand is not that high. However, it is a long way from comparing itself to the higher-priced cryptocurrency, which recently surpassed the $66,000 range.

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JPMorgan Has Bearish Warning About Dogecoin and Robinhood

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JPMorgan’s analyst maintains his bearish view on Robinhood due to low retail interest in Dogecoin

JPMorgan has maintained an “underweight” rating on the Robinhood stock, sticking to its $35 price target.  

In a Friday note, analyst Kenneth Worthington cites weak Dogecoin volumes as the key reason why he thinks that the leading online brokerage app is vulnerable.    

As reported by U.Today, the meme cryptocurrency accounted for a whopping 62%  of the firm’s crypto-related revenue in Q2.   

Worthington writes that, unlike cryptocurrency-focused trading platforms, Robinhood has failed to record an upsurge in trading volumes this October:

While 3Q21 volumes remain robust, they slowed down materially from 2Q21 levels.       

Dogecoin is only up a modest 15% this month, significantly underperforming its canine rival Shiba Inu. Yesterday, Robinhood CEO Vladimir Tenev seemingly dodged a question about listing plans for SHIB amid rampant speculation on social media.

In late September, Worthington also wrote that the company’s stock could experience significant selling pressure after the expiration of the lockup period on Dec. 1. More than half a million shares will be unlocked on that day.

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Robinhood is set to announce its Q3 earnings on Oct. 26.  

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Elon Musk Says He Will Become First Dogecoin Trillionaire

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The Tesla CEO says that he will become the world’s first trillionaire in Dogecoin

Tesla CEO Elon Musk claims that he will become the world’s first Dogecoin trillionaire in a recent tweet. 

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Musk’s net worth has now swelled to $249 billion, according to the Bloomberg Billionaires Index. 

The entrepreneur is now worth more than the gross domestic product of New Zealand (and he’s close to surpassing Portugal).

His wealth has increased thanks to the renewed Tesla rally. The shares of the leading e-car maker hit a new all-time high of $910 earlier today.

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Morgan Stanley predicts that Musk is on track to become the world’s first trillionaire thanks to SpaceX. 

In July, Musk revealed that he personally owns Bitcoin, Dogecoin and Ether. 

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