Dogecoin faces skepticism, Ripple CEO questions its value to the cryptocurrency industry

Ripple CEO Brad Garlinghouse has once again been critical of Dogecoin, stating that he does not believe DOGE is good for the cryptocurrency industry.
In a speech at the Consensus 2024 conference, Garlinghouse criticized the largest memecoin by market cap. Speaking about the ten-year outlook for the cryptocurrency industry, he stressed that the market needs to mature beyond speculation.
“Not sure Dogecoin is a good thing for cryptocurrencies”
Based on this, the Ripple CEO cited an example involving memecoin, which has a market cap of over $23.22 billion. Although he acknowledged that using Dogecoin as an example might cause objections from many enthusiasts, he still gave the example.
“I don’t think dogecoin is good for the industry,” Garlinghouse quipped. He clarified that he is not against dogecoin while noting that he cannot find a real use case for DOGE.
Additionally, Garlinghouse contrasted Dogecoin’s lack of utility with other competing crypto projects that are working to solve real problems in the financial industry. He stressed that the industry's success over the next decade depends on developing useful services rather than speculative investments.
Garlinghouse added: “To me, a 10-year forecast has to be about practicality, not speculation, and it should be about solving real problems.”
Dogecoin founder disagrees
Notably, this is not the first time that the Ripple CEO has attacked Dogecoin on the international stage. In January, at the World Economic Forum (WEF) in Switzerland, Garlinghouse criticized memecoins, specifically citing Dogecoin as an example of a project that lacks purpose.
In response, Dogecoin co-founder Billy Marcus claimed that critics of the project often fail to consider DOGE in the same breath as Bitcoin. He confidently stated that Bitcoin and DOGE are identical, with the only difference being their ticker symbols.
To reinforce his point, Marcus offered a metaphorical comparison, suggesting it was like expressing a preference for the euro while disdaining the yen.
Significantly, Dogecoin is currently just behind XRP, the digital asset used by Ripple to facilitate cross-border transactions. Furthermore, it is important to mention that for the past two years, DOGE could be used to purchase merchandise from Elon Musk’s company Tesla.
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