The passion for Dogecoin
According to an interview carried out by “The Game Theory of Crypto Podcast”, Zhu has a real passion for Dogecoin especially because it manages to attract the attention of traders.
“The best way to understand DOGE, I think, is that if you look at Robinhood, which is kind of a more blue-collar cryptocurrency investing style, DOGE is 60% of their cryptocurrency income. And cryptocurrencies are 40% of Robinhood’s revenue, so Robinhood is basically a proxy of DOGE ”.
By “blue collar traders” Zhu refers to that category of trader more hybrid than the “white collar of finance traders.”
In mid-August, Robinhood had released a report on its second quarter data , stating that Dogecoin accounted for 62% of the platform’s crypto revenue.
A substantial increase in the exchange’s revenue, considering that crypto transactions in Q2 were $ 233 million, compared to just $ 5 million in the first quarter of 2021.
During the interview, Zhu also refers to the latest news from the Coinbase Commerce platform at the end of July, which announced to its users that it wants to accept DOGE as a payment method.
And, in fact, the American platform that facilitates crypto payments for merchants, in addition to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), USD Coin (USDC) and DAI, now accepts also payments in DOGE.
Zhu: “Dogecoin is the people’s crypto”
Continuing with the interview, Zhu then commented on Dogecoin in various speeches with descriptive phrases such as the following:
“[DOGE] receives four times brand name recognition than Ethereum.”
“Dogecoin is the crypto of the people”. “Anyone can own entire quantities of DOGE”.
It is therefore inevitable to think that the CEO of Three Arrows Capital is an avowed fan of the crypto of memes, along with the infamous Elon Musk.
Not only that, the idea in which Zhu reflects himself is precisely the same one declared at the beginning of 2021 by Musk himself:
Dogecoin is the people’s crypto— Elon Musk (@elonmusk) February 4, 2021
Recently, Musk also mentioned his beloved crypto in another of his tweets , comparing it with the big Bitcoin (BTC) and Ethereum (ETH).
According to Tesla’s CEO, in practice, while BTC and ETH are pursuing a multilayer system but with the result of having slow and expensive transactions, on the contrary DOGE is fast and has very low fees.
Dogecoin and initiatives related to animals
Zhu’s speech describing DOGE traders is not very far from the initiatives that users are undertaking involving the crypto of memes.
Just this week, in fact, Dogecoin was used for a charity initiative: the “ Dogenation ”, launched by PAWS Chicago together with the creative agency Leo Burnett to activate a crypto donation campaign to save animals.
Also in this case, Dogecoin was chosen precisely for its testimonial symbol, the Japanese Shiba Inu dog, which continues to attract more and more users with its memes. But also for the ease of purchase and use to make transactions.
Another association between Dogecoin and promotional initiatives have also been made in Brazil, even if it is Burger King.
In fact, at the end of July, the fast food chain announced that it would accept DOGE as payment for its dog biscuit , with the idea of associating animals and crypto here too.