The well-known fintech company Ripple’s CEO, Brad Garlinghouse, has recently disclosed that he does not think that $DOGE (Dogecoin) is beneficial for the space of cryptocurrency. While voicing at a group discussion conducted at the event of Fintech Abu Dhabi, according to the reports of CNBC, the CEO stated that he was not of the view (might be due to controversy) that dogecoin has some benefit for the crypto industry. He added that the token has some dynamics which radically deal with inflation and thus it is not that reliable.
The creation of dogecoin took place as a joke in 2013. The community of cryptocurrency is famous for undertaking philanthropic projects, including those to assist charitable organizations. In 2014, the headlines pointed out that the valuation of the token reached up to $25,000 in DOGE to permit the Jamaica-based bobsleigh group to attend the Winter Olympics conducted in Sochi. It was reported that Dogecoin witnessed a huge price rally of nearly 10,000% during the early phase of this year. Searches regarding $DOGE increased from the average frequency of 135,000 per month in 2020’s April to 16.5M in 2021’s April.
Currently, DOGE counts as the 10th-biggest digital asset in terms of market capitalization having almost $30B. Garlinghouse revealed that the creation of the token was carried out as a joke and it gained momentum from a few high-profile personalities such as Elon Musk. The crypto has no strict supply limit. On its launch in 2013, the supply capitalization thereof was up to 100B coins, and then in 2015 onwards, the token turned toward the uncapped supply with the per-block rewards being restricted to 10,000 tokens for controlling the inflation thereof.
The price of Dogecoin started surging following a Twitter account named WSB Chairman inquired about if the token had at any time traded at around $1. Other consumers took the benefit out of the momentum taken from WallStreetBets’ hedge funds for batting on the Gamestop’s shares’ price. The achievement of DOGE came as a result of the tweets done by the celebrities such as Elon Musk (the CEO of Tesla) who has been backing the meme-inspired digital token during the recent few months, even adding to the development thereof. In the panel discussion, Ripple’s CEO mentioned that the mounting inflation of the token has enhanced a keen crypto interest and brought more attractiveness for Bitcoin.