The CEO of Ripple (XRP) is going after dogecoin (DOGE). He believes that the crypto-dog is not necessarily beneficial for crypto-currencies in general.
Brad Garlinghouse and dogecoin: an unconvincing inflationary dynamic
Ripple CEO Brad Garlinghouse is far from a fan of dogecoin, and he publicly displayed his skepticism of it while speaking at a CNBC-moderated panel at the Abu Dhabi Fintech event on November 23, 2021. Garlinghouse blames dogecoin for its inflationary offering:
“I’m actually not convinced, somewhat controversially I suppose, that dogecoin is good for the crypto market. Dogecoin itself has a certain inflationary dynamic that would make me reluctant to hold it.”
The maximum supply of dogecoin was initially limited to 100 billion tokens, a level reached in mid-2015. Changes have since been made, and the supply of dogecoin is no longer capped. The block reward, however, is limited to 10,000 DOGE in an attempt to keep inflation in check.
From simple joke to top 10: Elon Musk’s pummeling tweets about dogecoin
In particular, Garlinghouse recalled that dogecoin was originally created as a joke – in part to mock the proliferation of altcoins at the time, which seemed to be nothing more than pale copies of bitcoin (BTC). What is the real use of dogecoin today, what value does it add to the crypto industry? The value of dogecoin has mostly seen pumps following supportive tweets from Elon Musk, as well as other celebrities:
“It was built as a joke, then it got some momentum from some high profile people like Elon Musk”
Despite the skepticism of the CEO of Ripple towards the crypto-joke, the latter still managed to enter in 2021, the top 10 cryptocurrencies in terms of market capitalization.
The dogecoin is no longer the only cute doggie in the cryptosphere, trying to seduce influencers and investors with its likeability. DOGE is now competing with shiba inu. This competition is creating tension between the communities of the two “meme coins,” and the recent tweet from dogecoin founder Billy Markus will certainly not ease the relationship between the two parties.