According to CNBC, the CEO of payment networks company Ripple said that Dogecoin (DOGE), which has no cap on its supply, is not good for the overall cryptocurrency market. cryptocoin.com We share the details as…
DOGE comments from Garlinghouse: I’m not convinced it’s good!
In the panel discussion at the Fintech Abu Dhabi conference, Ripple CEO Brad Garlinghouse said, “Although it is actually controversial, I am not convinced that Dogecoin is good for the crypto market. “Dogecoin has some inflationary dynamics that will make it reluctant to hold on to it.” He added that the rise in inflation acts as a boost for the broader cryptocurrency market.
Bitcoin is seen by some investors as a hedge against inflation due to its stable supply of around 21 million coins, which have yet to be fully mined. XRP, the digital asset used in Ripple’s payment network, also has a fixed supply. Garlinghouse noted that Bitcoin has a lot of momentum. The price has nearly doubled this year, trading for over $56,000 on Wednesday and its market cap exceeding $1 trillion.
Unlike Bitcoin, Dogecoin has no definite cap on the total coin supply. Dogecoin has more than 132 billion coins, with about 5 billion new coins coming into supply each year. In contrast, the circulating supply of Bitcoin is around 18.9 million, which is approaching the supply limit. Still, Dogecoin’s market cap has increased by nearly 71 percent to date to over $28 billion.
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