Ripple CEO Brad Garlinghosue, who has made critical comments about Dogecoin before, made new statements about DOGE.
Speaking at the Consensus 2024 conference, Garlinghouse said that Dogecoin, the largest memecoin, has no practical use and does not help the cryptocurrency industry.
Despite its significant market cap of $23.22 billion, Garlinghouse stated that DOGE has no real value but only encourages and thrives on speculation in the crypto sector.
Stating that there is no regulatory clarity for crypto in the USA at this point, Ripple CEO said that the way forward for crypto should focus on solving real problems:
“We have to be more than speculation. This sounds like a bunch of nonsense, but I'm going to say it anyway.
I don't think Dogecoin is a good thing for the industry.
I'm not anti-Dogecoin, but I don't know what the use case is. It is not even clear whether it has real value.
I see real benefit in many different chains like DOGE, and I think that's what's critical.
“Memecoins, such as Dogecoin, developed through speculation, are becoming a serious obstacle to the development of the sector.”
DOGE continues to trade at $0.159 at the time of writing.
*This is not investment advice.