Ripple CEO Brad Garlinghouse once again expresses his skepticism towards Dogecoin, stating that he believes the meme-inspired cryptocurrency has not been beneficial for the crypto industry.
During his session at the Consensus conference in 2024, Garlinghouse criticized Dogecoin, the largest meme coin by market cap. He emphasized the need for the crypto market to mature beyond speculation when discussing the industry’s 10-year outlook.
Garlinghouse humorously commented, “I don’t think Dogecoin has been a good thing for the industry.” While he clarified that he is not against Dogecoin, he pointed out the lack of a tangible use case for DOGE.
Furthermore, Garlinghouse compared Dogecoin’s lack of utility to other competing crypto projects that aim to solve real problems in the financial sector. He highlighted that the industry’s success in the next decade depends on the development of useful services rather than speculative investments.
Garlinghouse added, “For me, the 10-year prediction has to be about utility and not speculation; it should be about solving real problems.”
Interestingly, this is not the first time the Ripple CEO has criticized Dogecoin on an international stage. In January, at the World Economic Forum (WEF) in Switzerland, Garlinghouse specifically mentioned Dogecoin as an example of a project without a purpose.
In response, Dogecoin co-founder Billy Markus argued that critics often overlook the comparison between Dogecoin and Bitcoin. He confidently stated that Bitcoin and DOGE are essentially the same, with the only difference being their ticker symbols.
To support his argument, Markus offered a metaphorical comparison, likening it to expressing a preference for the Euro while looking down on the Yen.
It is worth noting that Dogecoin currently ranks just behind XRP, the digital asset used by Ripple for cross-border transactions. Additionally, it is important to mention that DOGE has been accepted as a form of payment for merchandise from Elon Musk’s company, Tesla, for the past two years.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.