DOGE surges amid interest from “blue-collar” traders
Elon Musk’s tweets or actions are not the only driver of a rise in Dogecoin (DOGE). Three Arrows Capital CEO Su Zhu emphasizes that there is one more very important factor that has allowed DOGE to jump by 82 times in the recent year.
The economist explained a surge in the cryptocurrency by the fact that it had captured more interest from “blue-collar” traders than any other crypto on the market. DOGE was originally created as a joke cryptocurrency and was unknown just three years ago. However, it managed to become one of the leaders on the market and has attracted a record number of investors. According to the statistical data, the better part of trading operations on Dogecoin is performed in the Robinhood app. The creator of Dogecoin admits that the coin is much more a marketing tool than a technological achievement. Dogecoin is a fork of Litecoin, which is a fork of Bitcoin. That is why all the statements that Dogecoin is a reliable trading tool reflect ambitions of Elon Musk and Mark Cuban rather than a real state of affairs.
Judging by the number of transactions in various blockchains, Dogecoin competes only with such private crypto assets as ZCash, Monero, and Dash and is significantly behind Ethereum, Bitcoin, and its main fork, Bitinfocharts 11 reported.