Ripple CEO Questions Dogecoin’s Purpose at Consensus 2024
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At the recent Consensus 2024 conference, Ripple CEO Brad Garlinghouse sparked debate by questioning the value and purpose of Dogecoin, one of the top meme cryptocurrencies. His comments highlight the need for cryptocurrencies to have real-world utility beyond mere speculation.
Ripple CEO Criticizes Dogecoin
Brad Garlinghouse didn’t hold back his views on Dogecoin during his speech at Consensus 2024. He emphasized that, despite Dogecoin’s popularity, its lack of a clear use case. He stated, “I get a ton of s**t when I say these things, but I’m going to say it anyway. I don’t think Dogecoin has been a good thing for the industry.
Meanwhile, he further questioned the real use case behind Dogecoin, wondering if there are any significant projects being built on it.
Garlinghouse’s remarks were not just an attack on Dogecoin but a call for the cryptocurrency industry to focus on projects with real-world applications.
He pointed out that many blockchain projects have real utility and the industry’s future should focus on practical uses rather than speculation.
Previous Criticisms
This isn’t the first time Garlinghouse has voiced concerns about Dogecoin. Earlier this year at the World Economic Forum in Davos, he questioned Dogecoin’s purpose, aside from endorsements from high-profile figures like Elon Musk. “Other than Elon Musk as the central actor, I don’t see the use case and purpose,” he said.
Dogecoin’s Origins and Popularity
Dogecoin started as a joke cryptocurrency, meant to be more fun and accessible than Bitcoin. Despite its humorous beginnings, it quickly gained a large following, boosted by endorsements from celebrities like Elon Musk and Snoop Dogg. In 2021, Dogecoin’s price soared to over $0.70, making it one of the top cryptocurrencies by market cap.
Community Reaction
Despite Garlinghouse’s criticism, the Dogecoin community remains supportive and loyal. Some members even suggested that Dogecoin might surpass Ripple’s XRP in market cap, especially after recently overtaking Cardano.
While Dogecoin enjoys widespread popularity, Garlinghouse comments highlight the need for cryptocurrencies to have real-world applications.
