As the meme coin mania keeps alive among the crypto sphere as a means of investment and not a joke, some voices criticize this new trend, like Ripple’s CEO Brad Garlinghouse.
Specifically, the executive blamed Dogecoin (DOGE), the Shiba Inu dog-inspired coin that caught the attention of many mainstream people like the billionaire tech entrepreneur and Tesla’s CEO, Elon Musk. But, in fact, Garlinghouse doesn’t believe at all that meme coins like DOGE are good for the cryptocurrency market.
It’s Just a Mainstream Hype: Garlinghouse
“I’m actually not convinced, somewhat controversially, I guess, that dogecoin is good for the crypto market,” Garlinghouse commented during a panel discussion at the Fintech Abu Dhabi event moderated by CNBC.
He said that red hot inflation is generating ‘tailwinds’ for Bitcoin (BTC) and the crypto industry itself, but most importantly, it sends a warning to the meme coin holders.
Garlinghouse argues that DOGE was born as a joke and built up its momentum thanks to its hype from personalities like Musk, but its dynamics are somewhat dangerous from an investor perspective. “Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” Ripple’s CEO added.
The CEO of the blockchain firm is known for being immersed in a legal battle with the US Securities and Exchange Commission (SEC) due to the XRP digital asset, which is considered by the SEC as a ‘security’ and the watchdog claims that Garlinghouse and co. are related in some way with that ‘security’ asset.
During the panel, Garlinghouse continued to blast off on the top meme coin across the crypto sphere, sending the following question: “When people are concerned about holding a fiat currency that might be inflating, and that’s devaluing, they’re looking at: ‘How can I hold other assets that won’t have that same inflationary dynamic?’”
As of press time, DOGE exchanges hands at $0.21%, down -4.15% on the day, as the selling pressure continues to add value to the bearish case in the Shiba Inu dog-inspired crypto.