Benzinga - During the World Economic Forum’s 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 (CRYPTO: DOGE).
What Happened: Brad Garlinghouse, the CEO of Ripple Labs (CRYPTO: XRP), expressed a viewpoint in line with the panel, showing skepticism towards the utility of Dogecoin. He said, “I don’t get it,” concerning “unregulated cryptocurrencies” and identified Elon Musk as the “central actor” in Dogecoin’s 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 (CRYPTO: BTC), 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 mascotso 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
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Why It Matters: Nakamoto critiqued Garlinghouse’s perspective, equating it to understanding “the euro” but finding “the yen is nonsense,” and suggested that it’s 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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