Ripple CEO Brad Garlinghouse Criticizes Dogecoin's Lack of Utility

Brad Garlinghouse, CEO of Ripple, has taken an unexpected jab at Dogecoin (DOGE), the largest meme coin by market capitalization, arguing that it lacks real utility due to its meme-based nature.

"Dogecoin Has Not Been Good For The Industry"

Speaking at the Consensus 2024 Conference, Garlinghouse publicly criticized Dogecoin, questioning its intrinsic value and practical use cases. He highlighted the speculative nature of the cryptocurrency sector, suggesting that the industry has not yet achieved widespread acceptance and regulatory clarity. Garlinghouse implied that meme-based cryptocurrencies like Dogecoin, which thrive on speculation, hinder the industry's progress.

Garlinghouse expressed skepticism about Dogecoin's real-world applications, noting the absence of projects aimed at providing practical solutions. Despite his lack of opposition to Dogecoin, he emphasized his uncertainty about its utility.

Dogecoin, created as a joke in 2013, has grown significantly in value and popularity, partly due to support from celebrities like Elon Musk. Although it lacks tangible use cases, Dogecoin remains a popular investment and serves as a cross-border payment solution with lower fees and faster transactions compared to Bitcoin.

Emphasizing Problem-Solving in the Crypto Industry

During the Consensus 2024 conference, Garlinghouse stressed the importance of solving real problems for the advancement of the crypto industry. He pointed out that various crypto projects are emerging with substantial utility, which will ultimately benefit the industry in the long run.

Ripple, for example, focuses on practical applications by operating as a cryptocurrency payments system. It aims to become a more efficient alternative to SWIFT by using blockchain technology and the XRP Ledger (XRPL) native token, XRP, to facilitate transactions between financial institutions, businesses, and organizations.