Ripple CEO Brad Garlinghouse recently criticized Dogecoin during his appearance at Consensus 2024, stating that it “hasn’t been a good thing for the crypto industry. However, Garlinghouse wasn’t negative towards Dogecoin, but he did question its utility proposing that cryptocurrencies must play some useful functions in other platforms, too.
This is not the first time Garlinghouse has targeted Dogecoin. In January, he expressed similar sentiments at the World Economic Forum, arguing that apart from Elon Musk’s involvement, he saw no purpose or use case for the meme coin.
Co-founder Billy Markus argued that Dogecoin is essentially the same as Bitcoin, with minor differences such as its dog mascot and slightly varied parameters. The Dogecoin community has been very supportive of the meme coin and its usage even though there is no main utility traded for its fame and association with Elon Musk.
Garlinghouse’s comments have re-opened the conversation while some consider them as fun and a way to teach new individuals more about the world of cryptocurrencies, others argue that they contribute to the industry having an unprofessional appearance and block the progress of introducing cryptocurrencies to the wider audience
Crypto enthusiasts and analysts are debating whether Dogecoin could reach the $1 mark in the current market cycle, given its past performance and the ongoing evolution of the crypto market.
In addition to his criticism of Dogecoin, Garlinghouse also predicted that the U.S. Securities and Exchange Commission (SEC) would approve exchange-traded funds (ETFs) for various altcoins, including XRP, Solana (SOL), and Cardano (ADA). He believes the policy is “inevitable” and will help bring acceptance to the crypto industry.
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