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During the World Economic Forums annual meeting in Davos, Switzerland, a panel discussion titled Clear-Eyed About Crypto concluded that the cryptocurrency industry requires more precise regulation. Though the talk conveyed optimism, it dismissed the practicality of meme cryptocurrencies, specifically pointing to Dogecoin DOGE/USD .
What Happened: Brad Garlinghouse, the CEO of Ripple Labs XRP/USD , expressed a viewpoint in line with the panel, showing skepticism towards the utility of Dogecoin. He said, I dont get it, concerning unregulated cryptocurrencies and identified Elon Musk as the central actor in Dogecoins marketplace. Garlinghouse stated he fails to see the use and the purpose of the meme coin.
Dogecoin co-founder Shibetoshi Nakamoto compared it to Bitcoin BTC/USD , noting that aside from slight variations and a canine mascot, Dogecoin is fundamentally similar. "The super dumb thing about this is dogecoin is essentially the same thing as bitcoin with mildly different parameters and a dog mascot."
the super dumb thing about this is dogecoin is essentially the same thing as bitcoin with mildly different parameters and a dog mascot
so this is like saying “i totally get the euro, but the yen is nonsense”
just little brains pretending to be smart pic.twitter.com/bZi8S3ASCZ Shibetoshi Nakamoto (@BillyM2k) January 22, 2024
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Nakamoto critiqued Garlinghouses perspective, equating it to understanding the euro but finding the yen is nonsense, and suggested that its an example of just little brains pretending to be smart.
Meanwhile, Dogecoin experienced a 10% price surge over the weekend. The jump followed an announcement that a specialized payment account represented by the username @Xpayments debuted on X.
Photo by milan2102 on Shutterstock
Price Action: At the time of writing, DOGE was trading at $0.083 down 1.12% in the last 24 hours, according to Benzinga Pro.
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