The CEO of Ripple expresses disapproval towards the practicality of Dogecoin.

In the constantly shifting landscape of cryptocurrency, there is always some degree of controversy. Most recently, at the Consensus 2024 conference, Brad Garlinghouse – the CEO of Ripple – sparked strong debate by publicly criticizing the role of Dogecoin (DOGE) and its influence on the crypto market.

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Ripple’s CEO voices concerns about the practicality of Dogecoin.

Garlinghouse emphasized that cryptocurrencies should focus on solving real problems, which he believes Dogecoin fails to do. He stated that Dogecoin’s appeal is driven by speculation rather than practical use cases. This perspective is crucial as the crypto industry aims to establish legitimacy and regulatory acceptance.

The CEO of Ripple emphasized the speculative character of meme-based cryptocurrencies such as Dogecoin, noting that the field is still in its infancy and lacks broad acceptance and regulatory understanding. He expressed concern that these meme-based cryptos could impede progress and acceptance in the larger crypto community.

Cryptocurrency must move beyond simply being based on assumptions!

Dogecoin, initially created as a joke in 2013, has amassed a large fan base and achieved a record high value of $0.73. Nevertheless, its value is heavily dependent on its community, online presence, and endorsements from influential individuals such as Elon Musk. According to Garlinghouse, there are many other cryptocurrency projects on different blockchains that provide more practical applications than Dogecoin. These viable solutions are crucial for the industry’s future development.

For instance, Ripple functions as a digital currency transaction system, with the goal of offering an effective substitute for conventional systems like SWIFT.

Garlinghouse’s statements indicate a rising preoccupation within the cryptocurrency community regarding transitioning from speculation to prioritizing genuine worth. Despite the popularity of Dogecoin and other memecoins, there remains a discussion surrounding their lasting usefulness.