Ripple CEO Brad Garlinghouse Criticizes Dogecoin’s Utility

Ripple CEO Questions Value of Meme Coins, Predicts SEC ETF Approval

Ripple CEO Brad Garlinghouse criticized Dogecoin, the prominent meme coin, at Consensus 2024, questioning its contribution to the crypto industry. While not dismissing Dogecoin entirely, Garlinghouse emphasized the need for cryptocurrencies to have utility beyond speculation.

This is not the first time Garlinghouse has expressed concerns about Dogecoin's value. In January, he questioned its purpose apart from Elon Musk's involvement.

Dogecoin co-founder Billy Markus maintains that the coin is similar to Bitcoin, but with unique features like its mascot and parameters. The Dogecoin community has remained supportive despite the lack of clear utility, relying on its fame and association with Musk.

Garlinghouse's comments have reignited the debate. Some see meme coins as educational tools, while others view them as unprofessional and hindering the wider adoption of cryptocurrencies.

Crypto enthusiasts continue to speculate on the potential of Dogecoin to reach $1. Historical price data and market trends suggest it could have a 5x increase.

In addition to his Dogecoin critique, Garlinghouse predicted the U.S. Securities and Exchange Commission (SEC) will approve exchange-traded funds (ETFs) for various altcoins, including XRP, Solana (SOL), and Cardano (ADA). He believes this approval is inevitable and will enhance the industry's credibility.