Crypto - Dogecoin is USELESS! According to Ripple's CEO

In the constantly evolving world of crypto, controversy is never far away. Recently, Brad Garlinghouse, the CEO of Ripple, expressed sharp criticisms against Dogecoin (DOGE) during the Consensus 2024 conference, questioning the contribution of this meme coin in the crypto industry.

The CEO of Ripple criticizes the utility of Dogecoin!

Garlinghouse emphasized that cryptos should aim to solve real problems, which he believes Dogecoin does not do. According to him, the appeal of Dogecoin is primarily driven by speculation rather than tangible use cases. This position is particularly relevant as the crypto industry seeks to gain legitimacy and regulatory acceptance.

The CEO of Ripple also addressed the speculative nature of crypto memes like Dogecoin, highlighting that the industry is still in its early stages and has not yet achieved widespread acceptance and regulatory clarity. He suggested that the prevalence of meme-based cryptocurrencies poses an obstacle to the broader acceptance and development of the ecosystem.

Crypto must go beyond mere speculation!

Dogecoin, which started as a joke in 2013, has since accumulated a significant following and reached a record value of $0.73. However, its value largely rests on its strong community, social media presence, and endorsements from high-profile figures like Elon Musk. That’s why, according to Garlinghouse, there are numerous crypto projects across different blockchains that, unlike Dogecoin, demonstrate substantial utility. These practical solutions are what will drive the long-term progress of the industry.

As an example of a crypto project solving problems, Ripple itself operates as a cryptocurrency payment system, aiming to offer an efficient alternative to traditional systems like SWIFT.

Garlinghouse’s comments reflect a growing concern within the crypto community regarding the need to move beyond speculation and focus on creating real value. While Dogecoin and other memecoins continue to enjoy significant popularity and recognition, the question of their long-term utility remains a hot topic of debate.