Bitrabo Editorial
The Ripple CEO, Brad Garlinghouse, recently expressed disapproval of Dogecoin (DOGE), the leading meme coin in terms of market capitalization. Garlinghouse criticized Dogecoin, stating that its meme-centric nature hinders its real-world utility.
Criticism of Dogecoin by Ripple CEO
At the Consensus 2024 Conference, a prominent crypto-focused event, Garlinghouse openly criticized Dogecoin (DOGE), questioning its intrinsic value and practical applications in real-world scenarios. He emphasized the need for the crypto industry to move beyond speculative narratives, suggesting that meme-based coins like Dogecoin impede the industry’s growth.
Garlinghouse highlighted the importance of the industry tackling genuine issues and providing solutions. He mentioned that while Dogecoin has its place in the market, its practical use cases remain uncertain. The lack of projects focusing on utility needs stands as a significant challenge for Dogecoin.
Evolution of the Crypto Industry and Problem-Solving
Garlinghouse emphasized the necessity for the crypto sector to evolve and address real-world problems. While Dogecoin garners attention, Garlinghouse pointed out that numerous crypto projects are actively solving industry challenges, leading to long-term improvements.
One example of a project focused on problem-solving is Ripple. Functioning as a cryptocurrency payment system, Ripple aims to offer an efficient payment settlement and remittance system, providing an alternative to traditional banking structures like SWIFT. Using blockchain technology and the XRP Ledger (XRPL) native token, XRP, Ripple facilitates transactions between various entities.