- Ripple’s CEO questions Dogecoin’s value and use case at Consensus 2024.
- Dogecoin’s strong community and celebrity backing maintain its market presence.
During the most recent Consensus 2024 conference in Austin, Texas, Ripple CEO Brad Garlinghouse made news by openly disparaging Dogecoin (DOGE) and challenging its utility and use case. The cryptocurrency community has been debating Dogecoin’s long-term viability since this audacious declaration.
Ripple CEO Brad Garlinghouse
I get a ton of shit when i say these things but I’m going to say it anyway, I don’t think Dogecoin has been a good thing for the industry.It’s about solving real Problems . 🏁 pic.twitter.com/XMeEWaJz8O
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) May 31, 2024
The Origins and Appeal of Dogecoin
Software developers Billy Markus and Jackson Palmer invented DOGE as a mock cryptocurrency in December 2013.
At first meant as a joke, its mascot is the Shiba Inu dog from the “Doge” meme. Dogecoin, for all its comical beginnings, attracted a sizable following very quickly thanks to its vibrant and involved community on sites like Reddit.
The nice and enjoyable aspect of DOGE is what draws people in. Its concept intended to be lighter and more approachable than Bitcoin. Dogecoin transactions are suitable for daily use and microtransactions since they are speedier and less expensive—they usually cost a fraction of a penny.
With the goal of encouraging spending over hoarding, DOGE’s limitless supply stands in stark contrast to Bitcoin’s finite one.
Celebrity Endorsements and Market Impact
High-profile endorsements and social media influence are major contributors to Dogecoin’s ongoing growth. Dogecoin has been in the public eye and driven up in value by the regular tweets of celebrities like Elon Musk, Snoop Dogg, and Gene Simmons.
Together with its meme-driven culture, this celebrity support has kept Dogecoin topical and extremely popular.
Dogecoin shot to popularity in 2021, thanks in large part to celebrity endorsements and social media hype. Over $0.70, a rise from fractions of a cent, made it one of the top cryptocurrencies by market cap during this time.
DOGE’s great liquidity and volatility make it a favorite for short-term trading, even if its price has now stabilized and fallen from its peak.
Current Market Performance
Meanwhile, CoinMarketCap data show that the price of DOGE at the time of writing is about $0.1598, having decreased by 0.04% during the previous day. This also represents a bearish position, down 4.01% over the previous seven days.
Prior to this, ETHNews reported that Dogecoin’s OI-weighted funding rate had decreased by almost 50%.