Ripple CEO Brad Garlinghouse again takes a critical stance towards Dogecoin, asserting that he does not believe DOGE has been beneficial for the crypto industry.
Garlinghouse criticized the largest meme coin by market cap during his session at the 2024 edition of the Consensus conference. Commenting on the 10-year outlook for the crypto industry, he stressed the need for the market to mature beyond speculation.
“Not Sure Dogecoin is a Good Thing for Crypto”
On this basis, the Ripple CEO cited an example with Dogecoin, the meme-inspired cryptocurrency with a valuation exceeding $23.22 billion. Despite acknowledging that making an illustration with Dogecoin would warrant many rejoinders from enthusiasts, he proceeded with the illustration.
“I don’t think dogecoin has been a good thing for the industry,” Garlinghouse remarked humorously. While clarifying that he is not anti-dogecoin, he noted that he fails to see a tangible use case for DOGE.
"I don't think dogecoin has been a good thing for the industry. Snd I'm not anti-dogecoin, but I don't know what the use case is,." @ripple CEO @bgarlinghouse said on Day 2 of #Consensus2024 pic.twitter.com/lZVvbWTfmG
— #Consensus2024 (@consensus2024) May 31, 2024
Furthermore, Garlinghouse contrasted Dogecoin’s lack of utility with other competing crypto projects built to solve real problems for the financial sector. He emphasized that the success of the industry over the next ten years depends on the development of useful services rather than speculative investments.
“For me, the 10-year prediction has to be about utility and not speculation; it should be about solving real problems,” Garlinghouse added.
Dogecoin Founder Disagrees
Remarkably, this is not the first time the Ripple CEO has taken a swipe at Dogecoin on an international stage. In January, at the World Economic Forum (WEF) in Switzerland, Garlinghouse disparaged meme coins, specifically highlighting Dogecoin as an exemplar of a project lacking purpose.
In response, Dogecoin co-founder Billy Markus claimed that critics of the project often failed to consider DOGE alongside Bitcoin. He confidently asserted that Bitcoin and DOGE are identical, with the only real difference being their respective ticker symbols.
To strengthen his point, Markus offered a metaphorical comparison, suggesting that it is akin to expressing a preference for the Euro while looking down on the Yen.
Significantly, Dogecoin currently ranks just behind XRP, the digital asset Ripple uses to facilitate cross-border transactions. Additionally, it is important to mention that for the past two years, merchandise from Elon Musk’s company, Tesla, can be purchased using DOGE.
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