Three Arrows Capital CEO Su Zhu has outlined a bullish thesis for Elon Musk's favorite cryptocurrency, Dogecoin (DOGE).

Speaking on Wednesday's episode of The Game Theory of Crypto podcast, Zhu stated that he'south cracking on DOGE because the meme coin has captured more interest from "blue-collar" traders than any other crypto on the market.

During the interview, Zhu pointed toward data from popular retail trading app Robinhood, which posted its 2nd-quarter report before this month and reported that 62% of the house'southward Q2 crypto revenue was from DOGE trading:

"The best way to understand DOGE, I think, is that if you await at Robinhood, which is sort of the most blue-collar manner of crypto investing, DOGE is 60% of their crypto revenue. And crypto is 40% of Robinhood'due south revenue. So, Robinhood is basically a DOGE proxy."

"This is something that I think is mirrored as well now, interestingly across Coinbase. I mean, a few days ago, DOGE volume was higher than Ether [...] Y'all know, people want to trade DOGE," he added.

Cointelegraph reported on July 19 that daily DOGE trading volume reached nearly $one billion in Q2. In comparison, the dear meme coin'due south average daily volume in Q1 was $74 million.

The 3 Arrows Capital letter CEO emphasized that DOGE has "4 times the name brand recognition over Ethereum" in communities not well versed in crypto equally he echoed Musk's sentiments of DOGE being the "people's crypto." He outlined that anyone can own "whole amounts of it," even the "man who drinks beer tin empathise it," and the customs promotes information technology organically.

"If you just await on social media, yous look on Twitter, Instagram, DOGE is the only coin where you tin can meet a woman showing another woman and not being paid to do then, but but doing so because she likes the coin," he said.

Related: Dogecoin going to assist real dogs — Chicago brute shelter now accepts crypto

While more sophisticated traders may stay away from DOGE due to its meme coin condition and volatility, Zhu questioned the idea that "crypto needs to exist serious" to be successful. He drew comparisons with XRP, whose underlying blockchain company, Ripple, is in the thick of a lengthy legal battle with the United States Securities and Exchange Commission, only the token hitting a 36,000% proceeds in 2022.

"It kind of reminds me of XRP in the previous cycle, which is amend in every way, because 1, there is no foundation that has a ton of information technology. There's no reliance on an elaborate 'banks using information technology for payments narrative.'"

"It is just simple. And it'due south also off-white-launched, by the fashion. Then, in that location's no hazard of having it ever be deemed a security, correct?" he added.