The cryptocurrency world is divided yet again. At the recent Consensus 2024 conference, Ripple CEO Brad Garlinghouse ignited a debate by questioning the purpose and value of Dogecoin(DOGE), the Shiba Inu-themed meme coin. His comments raise a critical question: should cryptocurrencies have real-world applications beyond speculation?
Garlinghouse didn’t mince words during his speech. Acknowledging Dogecoin’s popularity, he pointed out the lack of a clear use case for the meme coin. “I don’t think Dogecoin has been a good thing for the industry,” he stated, emphasizing the need for concrete projects built on the cryptocurrency. This isn’t the first time Garlinghouse has expressed concerns. Earlier this year at Davos, he questioned Dogecoin’s purpose beyond celebrity endorsements from Elon Musk.
Garlinghouse’s remarks are a call to action for the entire cryptocurrency industry. He argues that the future should be built on practical applications of blockchain technology, not just speculation. Many blockchain projects, unlike Dogecoin, offer real-world utility, and that’s where the industry’s focus should lie.
Also Read: Dogecoin To The Moon? Analyst Predicts 4x Surge And Shattered Records
However, the Dogecoin faithful remain unfazed. The community boasts a loyal following, some even predicting Dogecoin surpassing Ripple’s XRP in market cap, especially after its recent win over Cardano. Dogecoin’s price surge in 2021, reaching over $0.70, cemented its place among the top cryptocurrencies.
While Dogecoin enjoys widespread popularity, Garlinghouse’s comments highlight a crucial point. Cryptocurrencies need to evolve beyond mere speculation and offer tangible value in the real world. Only time will tell if meme coins like Dogecoin(DOGE) can adapt or if the future belongs to utility-driven projects.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
