Ripple CEO Brad Garlinghouse has made a strong statement against the meme coin Dogecoin, questioning its practical application and labeling it a speculative asset. During his speech at the Consensus 2024 conference held in Austin, Texas, in late May, Garlinghouse expressed his views on the cryptocurrency's role in the industry.
According to Garlinghouse, cryptocurrencies should aim to solve real-world problems rather than serve as tools for speculation. He pointed out that Dogecoin, in particular, lacks practical utility and has grown primarily due to speculative interest. "I don't think Dogecoin has brought any value to the industry. No, I am not against Dogecoin, but I don't know where it can be applied," Garlinghouse said.
In his speech, the Ripple CEO emphasized that crypto assets should be geared toward addressing specific issues. He questioned the contribution of meme coins like Dogecoin to the industry and suggested that this class of assets poses a hindrance to the ecosystem's further development. "In my opinion, the long-term outlook should focus on utility, not speculation. It should be about solving real problems," he stated.
At the time of writing, Dogecoin (DOGE) is trading near $0.145, according to TradingView. However, on June 7, 2024, the asset's price exceeded $0.16.
This is not the first time Garlinghouse has criticized Dogecoin and meme coins in general. In January 2024, he compared DOGE to the Zimbabwean dollar and stressed the need for industry restructuring. He also named billionaire Elon Musk as a "central figure" in the meme coin market, acknowledging Musk's significant role in promoting these assets.
In September 2023, WSJ journalists reported that Musk had secretly funded the development of Dogecoin. His thematic posts on X (formerly Twitter) have repeatedly contributed to the meme coin's growth.
