Ripple’s CEO Bashes DOGE, Considers it no Good for the Crypto Space

Earlier this year, Dogecoin enjoyed a great deal of success and it has become a unique phenomenon that actually ended up inspiring the entire meme coin market that has now become an important part of the crypto space. Despite achieving so much success, it appears that DOGE has not impressed Brad Garlinghouse, the chief executive at Ripple Labs. Not only is he unimpressed by the meme token, he actually went as far as warning those who have apparently invested in Dogecoin. He said that all those tracking the coin should bear in mind that it does not appear to be any good for the crypto market. 

He spoke at the Fintech Abu Dhabi Festival being held on Tuesday and was part of the panel discussion moderated by CNBC. Ripple’s CEO made his comments about DOGE during the event and said that tailwinds were being created for a number of cryptocurrencies due to the red hot inflation in the economy. He mentioned Bitcoin itself, but he said that his opinion about DOGE could actually be controversial. Nonetheless, he said that he was firm in his beliefs about the meme coin. He elaborated that the DOGE token had simply been developed as a joke.

The only reason that it had managed to come so far was because some high profile individuals had apparently taken an interest in it, the most prominent one being none other than Tesla’s chief executive, Elon Musk. This is partly true, as DOGE had been created back in 2013 as a meme coin. It appears that the token has managed to survive for eight long years in the competitive crypto market and in May 2021, it actually went as far as achieving a market capitalization of a whopping $88 billion. Since then, the token has experienced a significant drop in its value.

Despite this decline, Dogecoin still manages to be part of the top ten list of cryptocurrencies in the market, as it has claimed the number 10th spot with a market capitalization of $30 billion. It had been kicked out of the top ten list after the fall in its value last week, but hadn’t gone beyond the 11th spot. Garlinghouse also highlighted that the coin appeared to have some inflationary dynamics that would personally put him off from investing in the token. This is also somewhat accurate because Dogecoin does not have a cap on its total supply in the market.

This means that new coins can be minted indefinitely. Inflation is certainly not a factor that is considered important in the crypto market because of which most people eventually return to Bitcoin, as it is considered a hedge against inflation, even though its technology has become significantly outdated as compared to some of the other newer tokens in the market. Bitcoin also reached a new all-time high value in early November of $69,000. It has fallen below the $60,000 mark since then, but its YTD return is still higher than other hedges against inflation, including the likes of gold.