Ripple CEO Brad Garlinghouse said DOGEcoin has “inflationary dynamics” that don’t make it a positive crypto for the cryptocurrency market. In fact, DOGE has an unlimited market cap, after the protocol was changed by the developers, and was one of the most successful crypto assets in 2021, reaching the top 10 cryptocurrencies by market capitalization in April. It is in 10th place on the chart and is hovering around $ 0.20.
Garlinghouse intervened in a debate during the Fintech Abu Dhabi event, and said on CNBC:
“I’m actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market. It was built as a joke, then it got some momentum from some high-profile people like Elon Musk. Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it.”
Garlinghouse therefore criticizes that Dogecoin does not have a fixed limit on the total supply in circulation. In fact, one of the great strengths of Bitcoin, the most famous and ancient cryptocurrency, is its limited supply of 21 million coins, which makes it a scarce and non-inflationable asset.
Much of recent Dogecoin’s success – as Ripple’s CEO pointed out – has been associated with the support of SpaceX and Tesla CEO Elon Musk, who in 2020 mentioned it with a serious of Tweets praising DOGE, joked with the community and proposed its dusting by the phantomatic team of developers.
