Ripple CEO Delivers Harsh Criticism For Dogecoin, What’s The Problem?

The CEO of Ripple said, Brad Garlinghouse, This was an unexpected blow to Dogecoin (DOGE). Biggest Meme Coins In terms of market capitalization, Garlinghouse criticized Dogecoin, arguing that it is meme-based and therefore lacks real-world utility.

“Dogecoin is not a good thing for the industry”

At the Consensus 2024 conference, one of the world’s largest and longest-running cryptocurrency-related conferences, Garlinghouse publicly stated: Criticized Dogecoin (DOGE) is downplaying its intrinsic value and real-world use cases.

Ripple CEO The report sheds light on the widespread speculative nature of the cryptocurrency industry, suggesting that it is still in its infancy and has yet to achieve widespread acceptance and regulatory clarity given that it is a global, speculative industry.

Garlinghouse further stated that the cryptocurrency industry Going beyond speculative narrativesMeme-based cryptocurrencies like Dogecoin Thrive on speculationThis was a major obstacle to the industry’s evolution.

During the conference, Ripple’s CEO also stated that Dogecoin is not a good development for the cryptocurrency industry. He admitted that he is not against Dogecoin, but emphasized the uncertainty about the meme coin’s real-world applications. Moreover, he pointed out that Dogecoin lacks projects that aim to provide practical solutions to utility needs.

As a meme coin, Dogecoin Value Memecoins are heavily influenced by community, popularity and social media trends. Memecoins were created as a joke in late 2013, Billy Marcus And thanks to Jackson Palmer, Dogecoin has seen astronomical growth over the years.

Cryptocurrencies have consistently pushed the envelope Meme Coin Dogecoin has cultivated a community of millions of investors and supporters and has risen to an all-time high of $0.73. Additionally, Dogecoin has been recognized by some notable figures, including: Elon Musk, CEO of SpaceX and Tesla.

While the dog-themed meme coin may not have a concrete use case, Dogecoin A valuable investment In the cryptocurrency industry, they also act as intermediaries for cross-border transactions. Payment Solutions For many cryptocurrency users, it offers lower fees and faster transactions compared to Bitcoin, the world’s largest cryptocurrency.

The crypto industry is all about problem solving

Speaking at the Consensus 2024 conference, Garlinghouse revealed that the crypto industry’s progress hinges on solving real-world problems. He noted that beyond Dogecoin, he has observed great utility emerging from various crypto projects across different chains, and it is these practical solutions that will improve the industry in the long run.

An example of a crypto project focused on solving an industry problem is Ripple. Cryptocurrency payment systemRipple aims to be a payment settlement asset exchange and remittance system, offering a more efficient alternative. QuickA vast messaging network used by banks and other financial institutions.

Ripple Use Cases It covers a wide range of topics, but primarily focuses on blockchain technology and its use of the XRP Ledger (XRPL) native token. Ripple Facilitate transactions between financial institutions, companies and organizations.

DOGE Price Continues Volatility | Source: DOGEUSDT on Tradingview.com

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