While speaking at the Fintech Abu Dhabi event during a CNBC-moderated panel on Thursday, Ripple’s CEO said a lot about Dogecoin. Brad Garlinghouse is “not convinced” that the cryptocurrency market benefits from the meme coin.
Dogecoin is a cryptocurrency that dates back to 2013, the year of its initial release. The crypto coin is inspired by a viral 2013 meme of a Shiba Inu Dog. The digital token’s market cap currently stands at $29.249 billion.
The token is notably one of the largest digital coins in the world. At some point, the coin was the 10th largest coin before the dethroning by the Avalanche token. One of Dogecoin’s distinct characteristics is the unlimited number of tokens in circulation. This characteristic, in particular, has Ripple’s CEO wary.
The Ripple CEO additionally spoke on Bitcoin. Garlinghouse, who was once a skeptic, is currently a Bitcoin believer. He shared that he is bullish about BTC, which he noted has “a lot of momentum.” The CEO pointed out that the digital gold has had a significant influence on financial infrastructure.
What Does Ripple’s CEO Have to Say About One of the Most Popular Meme Coins?
While part of the CNBC moderated panel, Brad Garlinghouse made it clear that he is not a fan of DOGE. The CEO shared that DOGE isn’t good for the crypto market due to its unlimited supply nature. As a result, the token ends up having a low market value.
The digital coin started with a limited supply of 100 billion tokens back in 2013. Mid-2015, the tokens hit the maximum supply. Consequentially, Dogecoin switched to providing uncapped supply. Each block has a limited reward of 10,000 DOGE tokens to keep inflation in check.
According to Brad, this makes the coin have “inflammatory dynamics “ that would make him reluctant to hold the token. Contrary to Garlinghouse, Mark Cuban believes that the token’s unlimited supply is its strongest suit. Cuban believes that this quality is an incentive for people to spend the token. This, in turn, makes DOGE a great means of payment.
Garlinghouse was also quick to point out that the token started out as a “joke.” He went on to add that Dogecoin only gained momentum “because of high-profile people like Elon Musk.” As you may be aware, Elon Musk is a huge DOGE advocate both online and offline. All because of his love for the coin, Musk had a Twitter spat with the Binance CEO.
More on Ripple
Ripple is a currency exchange, real-time gross settlement system remittance network. The ledger is based on a distributed open-source protocol. It supports tokens that support various units of value such as crypto, fiat currency, mobile minutes, and frequent flier miles.
The fintech start-up is the mastermind behind the XRP cryptocurrency. The company has been in a long legal battle with the Securities and Exchange Commission concerning the XRP token. The legal lawsuit is likely to end in 2022.