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DOGE attracted blue-collar investors by Three Arrows Capital CEO

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,…

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.

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Bitcoin

Former Coinbase Business Developer: ‘There Wasn’t a Long-Term Case for Bitcoin Payments’

Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise $125 million in two funding rounds, but it was quickly clear that there was not a case [……
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Bitcoin

Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC…
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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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