Ripple CEO Blasts Dogecoin, Questions Its Benefit To The Crypto Market |


Dogecoin has had an impact that has no doubt been felt around the entirety of the crypto space. However, whether this impact has been good or bad is still a hotly debated topic in the space. The digital asset had paved the way for cryptocurrencies that have no use cases to speak to be at the forefront of the market and its break into the crypto top 10 is evidence of its growth.

Nevertheless, having tokens that serve no purpose other than just ‘being’ has shown just how much power a strong community wields. For most, Dogecoin has been a way to make some money while serving as a gateway into the crypto realm. For others like Brad Garlinghouse, Ripple’s CEO, Dogecoin’s rise to fame has not done the market any favors.

How To Get Free Crypto  
Get 110 USDT Futures Bonus for FREE! 

Dogecoin Not Good For The Market

Ripple CEO Garlinghouse was on CNBC to talk about the crypto market and how inflation was affecting it. The conversion switched to Dogecoin where Garlinghouse shared his thoughts on the projects. Foremost of all that he did not believe that the meme coin is good for the crypto market.

Related Reading | Australian Reserve Bank Official Says Crypto Is No Threat To Fiat, Disses Dogecoin

The CEO explains his stance with the lack of utility in the Dogecoin project. Even the creators of the project had said that they had created the altcoin as a joke and did not believe it would go anywhere.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“I’m actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market,” said Garlinghouse. “It was built as a joke, then it got some momentum from some high-profile people like Elon Musk,” he added.

DOGE price trending low | Source: DOGEUSD on

This school of thought had been earlier shared by Tony Richards, an Australia Reserve Bank official, at a conference, although Richards had been making his case against the viability of crypto versus fiat.

Coinbase Banner  

How Inflation Is Playing Out In Crypto

Garlinghouse pointed to growing inflation as the reason that many projects like Dogecoin were getting so much attention. The fear of rising inflation rates has no doubt led to an influx of new investors into the crypto market, driving prices up. The CEO explained that this had led people to find assets that would prove to be an adequate inflation hedge.

“When people are concerned about holding a fiat currency that might be inflating, and that’s devaluing, they’re looking at: ‘How can I hold other assets that won’t have that same inflationary dynamic?’”

Related Reading | Dogecoin, Shiba Inu Dominate U.S. Most Searched List In November

However, Garlinghouse explained that it is these same inflationary concerns that have kept him from Dogecoin. “Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” said the CEO.

Garlinghouse’s argument does have some merit to it as the Dogecoin supply is not capped. This means that there is an infinite supply of the asset, giving credence to the CEO’s concerns about its inflationary nature. Nevertheless, Dogecoin remains a community favorite and has managed to hold its own in the market, currently ranking as the 10th largest cryptocurrency by market cap.

Featured image from CNET, chart from

Go to Source
Author: Best Owie

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.