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Ripple CEO criticizes Dogecoin for its ‘inflationary dynamics’

The CEO of Ripple, the company behind the XRP cryptocurrency, is not a fan of the Dogecoin (DOGE) digital meme currency.

Brad Garlinghouse believes DOGE is not good for the cryptocurrency market due to its alleged “inflationary dynamics“And its unlimited offer.

Global inflation is driving up the price of Bitcoin (BTC) but is a warning to Dogecoin fans, Garlinghouse said in a moderated debate by CNBC during the Fintech Abu Dhabi event.

In reality I am not convinced, perhaps strangely, that Dogecoin is positive for the crypto market. Dogecoin has inflationary dynamics that would make me reluctant to hold it,”Explained the CEO of Ripple.

Garlinghouse pointed out that Dogecoin does not have a fixed limit on the total supply of units in circulation, which makes it very different from other large cryptocurrencies such as Bitcoin, limited to 21 million coins.

It was created as a joke, then got pushed by some high profile figures like Elon Musk,Added the CEO.

While being skeptical of DOGE, Garlinghouse remains optimistic about the cryptocurrency market in general:

“Leaving aside my personal views on Dogecoin, I believe there will be many winners in this area. I am optimistic about the general momentum of crypto in 2022 with clarity and regulatory progress in the UK, Singapore, UAE, Japan and other countries. “

Dogecoin is a cryptocurrency based on the meme starring a Shiba Inu dog, launched as a joke in 2013. The digital currency was born with a limited offer of 100 billion coins, a threshold it reached in mid-2015. Later Dogecoin is switched to an unlimited offer, setting the block reward at 10,000 DOGE to keep inflation in check.

DOGE proved to be one of the most successful crypto assets in 2021, reaching the top 10 cryptocurrency by market capitalization in April. At the time of writing, DOGE is in 10th place on the chart and hovers around $ 0.22 after a growth of 6,000% in the last year.

Much of Dogecoin’s success has been associated with the support of Tesla CEO Elon Musk, who began actively promoting DOGE on Twitter in 2020.

Dogecoin historical chart
Dogecoin historical chart. Source: CoinGecko

Related: Tesla suggests it may restore support for cryptocurrency payments soon

Musk recently continued tweeting frequently about Dogecoin, reporting issues related to DOGE withdrawals on Binance directly to the exchange’s CEO Changpeng Zhao on Monday. According to Binance, the situation was caused by a “glitch during the recent upgrade process that caused 1,674 users to postpone old transactions.

Tesla CEO he tweeted that does not use Binance, even if in the past it has tried the exchange “but the registration was too complicated. “

Kim Lee

Kim is a Chinese girl and has studied in England. Kim loves playing video games, she likes Fortnite games. Kim likes Hollywood movies. Kim's English is very good, so she became a writer. Email : kim@d1softballnews.com

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