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DOGE’s “Inflationary Dynamics” Scolded by Ripple CEO

Ripple CEO says Dogecoin (DOGE) is bad for the cryptocurrency market due to its unlimited coin supply and "inflationary dynamics".

Dogecoin (DOGE) has made the change to uncapped supply after starting with a 100 Billion coin supply back in 2013.  

It has become apparent that Brad Garlinghouse, the CEO of Ripple (XRP) has no love lost for Dogecoin (DOGE), precisely because he believes that its uncapped supply and “inflationary dynamics” are anything but beneficial to the crypto market.  

Garlinghouse stated at a CNBC-moderated panel at the Fintech Abu Dhabi event earlier this week that while global inflation is bolstering the price of Bitcoin (BTC), it should be perceived as a caution by Dogecoin (DOGE) enthusiasts.

Garlinghouse went on to say that “I’m actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market. Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it.”

Since Dogecoin (DOGE) does not have a fixed amount of coins but rather an unlimited supply, it makes it radically different, unlike several prominent cryptocurrencies such as Bitcoin (BTC) that has a limited amount of 21 million coins in circulation. 

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

While his feelings for Dogecoin (DOGE) are clearly pessimistic, quite the opposite is the case as far as the whole crypto market is concerned. 

As a result of the viral Shiba Inu meme, Dogecoin (DOGE) was launched in 2013 as a joke to pay tribute to the famous meme but it has gained incredible popularity over the years. It had a capped supply of 100 billion when it first launched but that amount was already hit sometime in 2015 which prompted the Dogecoin (DOGE) developers to provide unlimited supply, and for keeping inflation in check, each blog got a finite reward of 10k Dogecoin (DOGE). 

2021 has been a good year for Dogecoin (DOGE) as it came up the 10 largest cryptocurrencies by market cap. Dogecoin (DOGE) was in the 10th place of the most valued cryptocurrencies, with an increase of 6,000% since 2022, and trading at $0.22 at the time of publication.

Considerable merit for the climbing of Dogecoin (DOGE) goes to the Dogefather, aka Elon Musk who has been endorsing and promoting Dogecoin (DOGE) on Twitter since last year. 

Also read: Elon Musk Chastises CEO of Binance Concerning the Handling of Dogecoin Customers

 

Also read:

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