Turning his attention to Dogecoin, Garlinghouse expressed doubts that the cryptocurrency could benefit the sector. "You know, when I say something like that, I get in a lot of trouble, but I'm going to say it anyway. I don't think Dogecoin has benefited the industry. I'm not an opponent of Dogecoin, but I don't know how to use it," he admitted.
His criticism stems from the lack of meaningful projects and utilities being developed based on #Dogecoin , unlike other blockchain technologies that are increasingly being used to solve real-world problems. Dogecoin was the first memcoin and was a precursor to today's memcoin craze.
Notably, this is not the first time the CEO of Ripple has criticized Dogecoin. Earlier this year, at the World Economic Forum in Davos, he emphasized the lack of a clear use case for Dogecoin, whose popularity and market dynamics are largely attributed to the endorsement of high-profile figures like Ilon Musk rather than technical or economic advantages. "With the exception of Ilon Musk as the protagonist, I don't see the point or purpose of using it," he said.
Garlinghouse's remarks came at a time when the cryptocurrency market is seeing a divergence in performance between traditional #altcoins and #meme coins. #TopCoinsJune2024 has already surpassed its previous high of 2021, while altcoins such as XRP and #Cardano are still at -85% of their peak. Meanwhile, meme coins such as PEPE, Dogwifhat (WIF) and BONK have generated huge interest among traders and led to significant growth.
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