Ripple CEO Brad Garlinghouse has sparked controversy by criticizing Dogecoin (DOGE) and suggesting that it lacks a clear purpose and utility.
Speaking at the Consensus 2024 conference on Friday, Garlinghouse openly criticized the top meme cryptocurrency, questioning its value and purpose within the cryptocurrency industry, emphasizing the importance of cryptocurrencies serving a genuine purpose beyond speculation.
“We have to be about more than speculation. I don’t think Dogecoin has been a good thing for the industry,” he asserted. “I don’t know what the use case is, unlike other projects being built to solve real utility.”
Notably, this is not the first time Garlinghouse has voiced such concerns. Speaking at the World Economic Forum conference in Davos In January, he similarly questioned the purpose of Dogecoin, stating, “Other than Elon Musk as the central actor, I don’t see the use case and purpose.”
Nevertheless, despite the CEO’s latest critique, the Dogecoin community has remained staunch in its defense of its beloved digital currency. Some even cautioned that DOGE might surpass XRP in market cap soon, following its recent overtaking of Cardano.
Notably, Elon Musk’s involvement with Dogecoin has been a significant factor, with reports suggesting collaboration between Musk and developers to enhance the coin’s utility. Musk’s Tesla has even enabled Dogecoin as a form of payment for merchandise, indicating a broader push for utility and mainstream adoption. Yet, it’s undeniable that Dogecoin has seen fewer developments and real-world applications compared to other projects like Ethereum and Solana. Its main competitor, Shiba Inu, has garnered substantial support and witnessed increased project development, particularly with the launch of Shibarium.
Meanwhile, Ripple’s XRP has made strides to solidify its utility status. In a separate fireside chat with CNBC during the Consensus 2024 conference, Garlinghouse revealed ongoing efforts to create a stablecoin and improve cross-border payment efficiency.
“We are 100% behind the growth and development of the XRP Ledger and the health of that ecosystem. We think having a stable coin built on the XRP Ledger actually adds liquidity to the XRP Ledger,” said Garlinghouse. “We already have been using stable coins in our pay flows so this is just kind of a natural extension”.
That said, Garlinghouse’s critique of Dogecoin highlights broader discussions within the cryptocurrency community concerning the significance of utility and purpose. Interestingly, Bitcoin has also faced similar scrutiny, with some within the crypto sphere questioning its utility beyond price speculation. This stance has often sparked backlash from Bitcoin maximalists who staunchly defend its status.
