Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, made a surprise attack on Dogecoin (DOGE), the biggest meme coin through market capitalization. Garlinghouse criticized Dogecoin, claiming it lacks real utility due to its meme-based nature.
“Dogecoin has not been good for the industry.”
At the Consensus 2024 conference, one of the largest and longest-running cryptography gatherings, Garlinghouse publicly criticized Dogecoin (DOGE), discrediting its intrinsic value and real-world employ cases.
Ripple CEO shed delicate on the dominant speculative narrative surrounding the cryptocurrency sector, suggesting that the cryptocurrency industry has yet to achieve widespread acceptance and regulatory transparency given its status as a nascent and speculative global industry.
Additionally, Garlinghouse revealed that the crypto sector must transcends its speculative narrativewhich suggests that meme-based cryptocurrencies like Dogecoin, which feeds on speculationconstituted a significant obstacle to the evolutionary progress of the industry.
Ripple’s CEO also stated during the conference that Dogecoin was not a good solution for the cryptocurrency industry. He admitted that he is not against Dogecoin, but emphasized his uncertainty about the real uses of the meme coin. He further pointed out that Dogecoin lacked projects aimed at providing practical solutions to public utility needs.
As a meme coin, Dogecoin value it is primarily influenced by community, popularity and social media trends. Although the meme coin was created as a joke in tardy 2013 by Billy Marcus and Jackson Palmer, Dogecoin has grown astronomically over the years.
Cryptocurrency consistently pushes boundaries the same corner status, cultivating a community of millions of investors and supporters and reaching an all-time high of $0.73. Additionally, Dogecoin has gained recognition from famed personalities, including CEO of SpaceX and Tesla, Elon Musk.
While the dog-themed meme coin may not have specific uses, Dogecoin remains a coin valuable investment in the cryptocurrency industry. Additionally, it has a cross-border function payment solution for many cryptocurrency users, offering users lower fees and faster transactions, unlike Bitcoin, the world’s largest cryptocurrency.
Problem solving is central to the cryptocurrency industry
During his speech at the Consensus 2024 conference, Garlinghouse revealed that the development of the cryptocurrency industry depends on solving real problems. He emphasized that beyond Dogecoin, he has seen significant utility from various cryptocurrency projects across chains, pointing out that these practical solutions will ultimately improve the industry in the long run.
Ripple is an example of a crypto project focused on solving problems in the industry. Acting as cryptocurrency payment systemRipple aims to become a payment settlement system for the exchange and transfer of assets, offering a more competent alternative to FASTan extensive communications network used by banks and other financial institutions.
Ripple employ cases are extensive, but primarily focus on the employ of blockchain technology and the native XRP Ledger token (XRPL), XRP to facilitate transactions between financial institutions, businesses and organizations.
