InstaForex

November 25, 2021

‘Dogecoin Doubtful’ - Ripple CEO Rejects DOGE Presence In Crypto Market

 Ripple CEO Brad Garlinghouse doesn’t like Dogecoin (DOGE).


It is clear that recently, the presence of DOGE as a meme coin does not fit the context of cryptocurrency as an inflation protector.


It is well known that the whole world is facing inflation and indirectly the majority of sectors are also affected.


For the record, annual inflation as of October increased by 6.2%. At the same time, the price of Bitcoin (BTC) also rose to an all -time high (ATH), $ 69,000.


Garlinghouse’s observations of Dogecoin lead to the conclusion that this asset is not appropriate for ‘inflation protection’:



"From a controversial aspect, Dogecoin is right for the crypto market. But it has some inflationary dynamics that make this asset dubious. Dogecoin does not have a fixed supply like Bitcoin. So, it is very weak to be used as a protector of inflation. "


So, does this mean XRP is better than DOGE?


Messari revealed the supply of XRP cycles has increased 20% since the massive sale of Ripple Labs.


Due to that, the XRP price pressure dropped sharply.


While Bitcoin has a coin limit of 21 million BTC. No wonder most of the world’s organizations and millionaires consider it the best protector of inflation.


After all..recently, the United States (US) senator has submitted a proposal to balance the inflation of the US dollar using Bitcoin.