DOGE is four times more well-known than Ethereum in non-crypto circles, according to Zhu

Powered by Tesla CEO Elon Musk’s endorsement, Dogecoin has had an impressive year, growing from being valued at $0. 003 last August to trading at $0. 27 at time of writing. Su Zhu, CEO of fund management firm Three Arrows Capital, addressed questions about the future price rise for the meme coin.

Speaking on an episode of “The Game Theory of Crypto Podcast” hosted by crypto researcher Hasu, Zhu stated that Dogecoin’s ability to attract the attention of blue-collar investors with its meme coin persona will prove crucial in its growth going forward.

Historically, DOGE’s volatility in price and origin has encouraged sophisticated crypto investors not to invest in the cryptocurrency. Zhu addressed the issue by asking why a digital asset must be serious in order to succeed.

Agreeing with Musk’s comments about Dogecoin being the ‘people’s crypto’, Zhu pointed out that Doge had four times the brand recognition of Ethereum in non-crypto circles. Zhu stated that anyone can own large amounts of cryptocurrency, and even a “man who is a beer drinker can understand it “..

In addition, DOGE is the only cryptocurrency that common investors support on social media. This is not because they get paid for it, but because they like the coin. The CEO praised the Dogecoin community for its organic promotion of the currency.

He then used data from Robinhood, a retail trading app, to illustrate the popularity of Dogecoin among blue-collar investors. Robinhood recently reported that DOGE transactions accounted for 62% of its total crypto revenue in Q2 of 2021.

“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,” Zhu explained, adding that “people want to trade Doge.”

Dogecoin’s upcoming upgrade has only piqued the interest surrounding the meme coin as it is expected to not only resolve scalability issues but also maximise its base layer transaction rate leading to faster and cheaper transactions.