Crypto – Dogecoin is USELESS!  According to Ripple CEO

In the ever-changing world of crypto, controversy is never far away. Recently, Ripple CEO Brad Garlinghouse voiced pointed criticism of Dogecoin (DOGE) at the Consensus 2024 conference, questioning the memecoin's contribution to the crypto industry.

Ripple CEO criticizes the usefulness of Dogecoin!

Garlinghouse emphasized that cryptos should aim to solve real-world problems, something he believes Dogecoin is not doing. According to him, Dogecoin's appeal is mainly fueled by speculation rather than tangible use cases. This position is particularly relevant as the crypto industry seeks to gain legitimacy and regulatory acceptance.

The Ripple CEO also addressed the speculative nature of crypto memes like Dogecoin, emphasizing that the industry is still in its early stages and has yet to achieve widespread acceptance and regulatory clarity. He suggested that the prevalence of meme-based cryptocurrencies represents a barrier to broader acceptance and development of the ecosystem.

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Crypto must go beyond simple speculation!

Dogecoin, which started as a joke in 2013, has since amassed a significant following and reached an all-time high of $0.73. However, its value is largely based on its strong community, social media presence, and endorsements from high-profile figures like Elon Musk. This is why, according to Garlinghouse, there are many crypto projects across different blockchains which, unlike Dogecoin, demonstrate substantial utility. These practical solutions are what will drive long-term progress in the industry.

As an example of a problem-solving crypto project, Ripple itself operates as a cryptocurrency payment system, aiming to offer an efficient alternative to traditional systems like SWIFT.

Garlinghouse's comments reflect a growing concern within the crypto community about the need to move beyond speculation and focus on creating real value. While Dogecoin and other memecoins continue to enjoy considerable popularity and recognition, the question of their long-term usefulness remains a hot topic of debate.

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