Ripple CEO Brad Garlinghouse delivered a stinging critique of Dogecoin at the recent Consensus 2024 conference.
In his address, Garlinghouse emphasized that Dogecoin lacks real utility, noting that its value is largely driven by speculative trading rather than practical application.
'Dogecoin Has Not Been Good For The Industry', he said.
He went as far as to argue that meme-based cryptocurrencies like Dogecoin could be detrimental to the crypto industry's long-term credibility and progress.
According to Garlinghouse, there is a need for cryptocurrencies to offer tangible solutions and real-world applications. He pointed out that while Dogecoin enjoys significant popularity and has a strong community, it does not contribute to the industry's meaningful adoption. The focus should be on developing digital assets that solve real problems and drive innovation.
Garlinghouse's remarks reflect a growing sentiment among industry leaders that the future of digital assets depends on their ability to provide genuine value rather than merely capitalizing on market trends.
The Ripple CEO's critique also underscores the challenges faced by the crypto sector as it seeks mainstream acceptance. By questioning the legitimacy of meme-based coins, Garlinghouse aims to steer the conversation towards more sustainable and impactful developments in the industry.