Dogecoin (DOGE) is not good for the crypto market, says Ripple CEO

Dogecoin (DOGE) is not good for the crypto market, says Ripple CEO

“I’m actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market,” Garlinghouse told a CNBC-moderated panel discussion at the Fintech Abu Dhabi event which aired Tuesday.

Ripple CEO Brad Garlinghouse says red hot inflation is creating “tailwinds” for bitcoin and the crypto sector, however has an admonition for those tracking the meme token dogecoin. Dogecoin, a cryptocurrency based on a viral internet meme of a Shiba Inu dog what began as a joke in 2013, had a market capitalization as high as $88 billion in May this year. It is presently the tenth biggest digital coin with a market worth of nearly $30 billion, as indicated by industry site CoinMarketCap. Bitcoin is seen by certain investors as a fence against expansion because of its fixed supply of about 21 million coins, of which not all has been mined yet.

“It was built as a joke, then it got some momentum from some high-profile people like Elon Musk,” Garlinghouse said.

“Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” he said.

He added that a surge in inflation has served as a tailwind for the wider cryptocurrency market, whose valuation in November briefly topped $3 trillion for the first time. Two measures of annual inflation — the consumer price index and the personal consumption expenditures index — were sitting at their highest levels since 1990 as of October, at 6.2% and 5%, respectively.

Garlinghouse noted that bitcoin has had a lot of momentum. The price has nearly doubled this year, trading above $56,000 on Wednesday, and its market cap has swelled past $1 trillion.

“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?,’” he said.

Unlike bitcoin, dogecoin has no hard limit on the total supply of coins. Dogecoin has more than 132 billion coins outstanding, with roughly 5 billion in new coins hitting the supply every year. By contrast, bitcoin’s circulating supply is around 18.9 million, nearing its supply limit.

Still, dogecoin’s market cap has jumped about 71% year-to-date to more than $28 billion. The meme coin and bitcoin were each off of their highest prices on Wednesday. XRP’s price has gained about 352% this year, and now trades around $1.0172.  

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Toshiba shareholders blame conglomerate for ignoring privatization offers
Toshiba shareholders blame conglomerate for ignoring privatization offers
As a measure of their concerns, shareholders who collectively hold more than 30 per cent of Toshiba’s stock, told the Financial Times, that as matters stood, ...
What Snapdragon 8 Gen 1 Tells Us About Android Phones Next year
What Snapdragon 8 Gen 1 Tells Us About Android Phones Next year
To be fair, every company sings the praises of every new product they reveal — that’s par for the course when it’s time to sell something. But what was ...
Ross Ulbricht Genesis Collection NFT Sellout looks like millions of dollars in Ethereum bids
Ross Ulbricht Genesis Collection NFT Sellout looks like millions of dollars in Ethereum bids
“Curated by Entoptic, this is the first and only NFT to include Ross Ulbricht’s personal work,” the announcement detailed. So far, the Ulbricht NFT ...
The Halo subreddit has been closed for the weekend because it has become too nasty
The Halo subreddit has been closed for the weekend because it has become too nasty
In a statement released yesterday night, the moderators stated, “Some users on the sub have even been responsible for doxxing and death threats.” “We’re ...
Why this expert thinks Omicron could undermine Apple's plans for "the all-important festive season" - Apple (AAPL)
Why this expert thinks Omicron could undermine Apple’s plans for “the all-important festive season” – Apple (AAPL)
“The new variant could potentially limit foot traffic at retail stores, and combined with price hikes for food and gas, that could have an impact on sales in ...
Anna Duggar attends a child pornography hearing with her husband, while Jill and Jedidiah must testify
Anna Duggar attends a child pornography hearing with her husband, while Jill and Jedidiah must testify
Anna was seated in the front row with Jill Duggar’s husband, Derick Dillard, on Friday. Josh, 33, was arrested earlier this year on accusations of child ...
China Telecom Industry Report 2021: Growing Mobility Phone
China Telecom Industry Report 2021: Growing Mobility Phone
The publisher forecasts that mobile subscriptions and fixed broadband subscribers will continue to fuel the telecoms sector growth in the 2022-27 period. ...
When Xbox turns 20, a new “Halo” game will be released
When Xbox turns 20, a new “Halo” game will be released
Fans will get the latest “Halo” video game this week as Microsoft celebrates the 20th anniversary of the franchise that made the Xbox console a hit. The ...
Russia to consider the fate of crypto-chatters in 2022
Berkshire’s Charlie Munger admires China for outlawing cryptography – wishes cryptography was never invented
Commenting on the current investing environment, he said:I think the dot-com boom was crazier in terms of valuations than even what we have now. But overall, ...
Reflections: Money matters |  The Trussville Tribune
Reflections: Money matters | The Trussville Tribune
Many struggle with impulse buying made easy with credit cards. Ramsey counsels not to use cards since the average family in America owes $5,525 in credit card ...
Show next
We will be happy to hear your thoughts

      Leave a reply

      Compsmag - Latest News In Tech and Business
      Logo