Dogecoin is not good for the crypto market, Ripple CEO says
$Dogecoin (DOGE.CC)$ Ripple CEO Brad Garlinghouse says red hot inflation is creating "tailwinds" for bitcoin and the crypto sector, but has a warning for those tracking the meme token dogecoin.
"I'm actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market," Garlinghouse told a CNBC-moderated panel discussion at the Fintech Abu Dhabi event which aired Tuesday.
Dogecoin, a cryptocurrency based on a viral internet meme of a Shiba Inu dog which started as a joke in 2013, had a market capitalization as high as $88 billion in May this year.
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