Ripple Chairman Shoots Arrows at Dogecoin, Questions Its Usefulness

Meme coins are a special category of digital currencies, inspired by Internet memes and released solely for humorous purposes. Even though it is always accompanied by the slogan "It's no use", it has become a heavyweight in the world of digital currencies. However, she doesn't like Ripple CEO Brad Garlinghouse.

At the recent Consensus 2024 conference, held May 29-31 in Austin, Texas, Ripple CEO Brad Garlinghouse shared his negative view on meme coins. He singled out Dogecoin with sharp arrows, questioning its true contribution to the digital currency industry and its usefulness.

Ripple CEO Attacks Dogecoin and Meme Coins: Cryptocurrencies Need to Focus on Solving Real-World Problems

At a time when cryptocurrencies are under the microscope of regulators and curious investors. Garlinghouse's claims have sparked a heated debate over the legality of meme currencies such as Dogecoin.

Garlinghouse argued that the current regulatory reality in the United States is ambiguous when it comes to digital assets. This ambiguity also constitutes a major obstacle for institutional investors. Stressing that the United States needs clear rules to unlock its economic potential and attract large institutions. While this capital can be the fuel for massive growth and meteoric innovation in the world of digital currencies.

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Garlinghouse echoed a criticism he previously shared at the World Economic Forum, saying he doesn't see anything good for Dogecoin, despite all the hype surrounding it. He said the industry needs to focus on projects with tangible and realistic benefits. It's a vision that he believes is necessary for growth Encrypted digital currencies Strong and durable.

He insisted The Ripple chief emphasized that digital currencies should focus on solving real-world problems, rather than swimming in murky, speculative waters. As is the case with most meme currencies. Garlinghouse also emphasized that the future of digital currencies must be based on the creation of tangible value.

While projects like Dogecoin are generating buzz, Garlinghouse calls for a focus on practical uses of blockchain that can provide real solutions for a variety of sectors. He also criticized wild speculation, arguing that the next decade should see cryptocurrencies transform into projects of real utility to ensure widespread and sustainable adoption.

Garlinghouse's criticism caused a stir, with Dogecoin co-creator Billy Marcus defending his currency by pointing out its similarities to Bitcoin. That, he thought, apart from the funny mascot and a few technicalities.

Dogecoin: from a joke to a means of payment and a currency whose capitalization exceeds 22 billion dollars

Dogecoin was born in 2013 and was created by Billy Marcus and Jackson Palmer. According to its creators, it started as a joke, but quickly gained popularity and value thanks to the formation of a crazy and passionate community. Especially on Reddit.

Dogecoin is designed to be more fun and less serious than... Bitcoin, characterized by its lightning-fast and almost free transactions, is ideal for microtransactions. Unlike Bitcoin, which plays a valuable role with a limited supply, Dogecoin relies on infinite abundance, which encourages people to spend it rather than accumulate it.

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Its popularity exploded thanks to tweets from Elon Musk, Snoop Dogg and Gene Simmons, which had a considerable positive impact on its price. But despite its cool atmosphere and casual style, Dogecoin remains a hot topic. Some criticize it for its lack of real value and its speculative casino aspect.