Ripple CEO Brad Garlinghouse has unexpectedly criticized Dogecoin (DOGE), the largest memecoin on the market. Garlinghouse stated that Dogecoin, due to its meme background, has no intrinsic value. According to him, the success of such coins is detrimental to the cryptocurrency industry.
“Dogecoin has not been good for the industry”
At the Consensus 2024 Conference, one of the world’s largest and longest-running events focused on crypto, Ripple CEO Brad Garlinghouse openly criticized Dogecoin (DOGE). He questioned the coin’s intrinsic value and practical applications.
Garlinghouse emphasized that the crypto sector must look beyond speculation. According to him, memecoins such as Dogecoin, which are based solely on speculation, pose a major hurdle to the further development of the industry.
During the conference, Garlinghouse also indicated that Dogecoin has not made a positive contribution to the growth of the crypto industry. Although he indicated that he was not against Dogecoin, he called for more attention to projects with actual applications.
Is Dogecoin more than a memecoin?
As a memecoin, Dogecoin’s value is mainly influenced by its community, popularity, and social media trends. Although Billy Markus and Jackson Palmer created the memecoin as a joke in late 2013, the project has grown tremendously over the years. Dogecoin currently has a market capitalization of several billion dollars.
Additionally, it has built a community of millions of investors and supporters and reached a peak value of $0.73. The coin is also the favorite cryptocurrency of Elon Musk, the CEO of SpaceX and Tesla.
While the dog-based memecoin may not have any tangible applications, Dogecoin continues to perform well.
Garlinghouse isn’t having any of it
During his speech at the Consensus 2024 conference, it became clear that Garlinghouse has little interest in the memecoin. This may have to do with his own project, Ripple, which has performed less well in recent years, which may lead to some frustration at Garlinghouse.
Ripple, the company behind the XRP token, aims to make international payments cheaper and faster. Although this sounds attractive in theory and may seem “better” than Dogecoin, little of this promise has been fulfilled in practice.
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Source: https://newsbit.nl/ripple-ceo-haalt-keihard-uit-naar-dogecoin/
