Ripple CEO Brad Garlinghouse has once again expressed his skepticism towards Dogecoin, stating that he does not believe the meme-inspired cryptocurrency has been beneficial for the crypto industry.
During his session at the Consensus conference, Garlinghouse criticized Dogecoin, which currently holds the largest market cap among meme coins, with a valuation of over $23.22 billion. Despite acknowledging that his remarks might receive backlash from Dogecoin enthusiasts, he proceeded to make his point.
In a light-hearted manner, Garlinghouse stated, “I don’t think Dogecoin has been a good thing for the industry.” While clarifying that he is not against Dogecoin, he explained that he fails to see any practical use case for the cryptocurrency.
Furthermore, Garlinghouse compared Dogecoin’s lack of utility to other crypto projects that are designed to address real problems in the financial sector. He emphasized that the success of the industry in the next decade will depend on the development of practical services rather than speculative investments.
“For me, the 10-year prediction should be focused on utility and problem-solving, not speculation,” Garlinghouse added.
Interestingly, this is not the first time Garlinghouse has taken a jab at Dogecoin on an international platform. In January, during the World Economic Forum in Switzerland, he criticized meme coins, specifically singling out Dogecoin as a project lacking purpose.
In response, Dogecoin co-founder Billy Markus argued that critics often overlook the similarities between Bitcoin and Dogecoin. He confidently stated that the two cryptocurrencies are nearly identical, with the only significant difference being their ticker symbols.
To illustrate his point, Markus made a metaphorical comparison, suggesting that expressing a preference for the Euro while looking down on the Yen is similar to favoring Bitcoin over Dogecoin.
It is worth noting that Dogecoin currently ranks just behind XRP, the digital asset used by Ripple for cross-border transactions. Additionally, it is important to mention that Tesla, the company owned by Elon Musk, has accepted Dogecoin as a payment method for the past two years.
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