Brad Garlinghouse, CEO of XRP blockchain company Ripple, doesn’t seem to be a fan of the meme-based cryptocurrency Dogecoin.
He believes DOGE is not suitable for the crypto market due to its “inflationary dynamics” but unlimited supply.
Garlinghouse warns Dogecoin fans in a panel discussion moderated by CNBC.
“I’m not sure if Dogecoin is suitable for the crypto market, but I think it’s controversial,” Garlinghouse said.
In addition, Dogecoin is not as limited in supply as Bitcoin, Garlinghouse said.
“It was made as a joke. It was gaining momentum by some celebrities like Elon Musk,” he added.
Despite being skeptical of Dogecoin, Garlinghouse seems optimistic about the outlook for the general crypto market.
My personal views on dogecoin aside 😉 I think there will be many winners in this industry. I’m bullish on overall crypto momentum for 2022 w/ regulatory clarity and progress in the UK, Singapore, UAE, Japan and others. 2/2 https://t.co/D42UX3dm4m
— Brad Garlinghouse (@bgarlinghouse) November 23, 2021
Dogecoin is a virtual currency born as a joke coin in 2013. DOGE initially started with a supply limit of 100 billion coins, but this limit will be reached in 2015. After that, Dogecoin was switched to an unlimited supply while limiting the block reward to 10,000 DOGE.
DOGE has become one of the most successful cryptocurrencies in 2021. Earlier this year, it became one of the top 10 cryptocurrencies by market capitalization. At the time of writing, DOGE is ranked 10th in market capitalization. The coin has risen by more than 6000% over the past year.
Dogecoin all-time price chart. Source: CoinGecko
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