Dogecoin Update: Ripple CEO Convinced Meme Coin Is Not Best For Cryptocurrency; Elon Musk Shares Insights On Glitch

Dogecoin Update: Ripple CEO Convinced Meme Coin Is Not Best For Cryptocurrency; Elon Musk Shares Insights On Glitch
Dogecoin is not good for the cryptocurrency market, Ripple CEO Brad Garlinghouse said. Elon Musk exchanges barbs with Binance in multiple tweets as users experience a Dogecoin glitch.
Photo : Executium/ Unsplash

Dogecoin is not good for the cryptocurrency market, Ripple CEO  Brad Garlinghouse said.

In addition to the Dogecoin Update, Ripple CEO Brad Garlinghouse reasoned, there is no hard limit on the total supply of dogecoins, which makes it different from some other prominent cryptocurrencies.

Furthermore, Elon Musk exchanges barbs with Binance in multiple tweets as users experience a Dogecoin glitch.

Ripple CEO on Dogecoin

Garlinghouse said that the red hot inflation is producing "tailwinds" for Bitcoin and the cryptocurrency sector.

He also warned those following the meme token Dogecoin. 

In a panel discussion organized by CNBC at the Fintech Abu Dhabi event, which aired Tuesday, November 23, Garlinghouse said via CNBC: "I'm actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market."

However, Dogecoin, a cryptocurrency based on a famous online meme of a Shiba Inu dog that began as a joke in 2013, reached a market capitalization of $88 billion in May.

Cryptocurrency Dogecoin

According to the industry website CoinMarketCap, it is now the tenth-largest digital asset, with a market value of about $30 billion.

Ripple CEO Garlinghouse further said, "It was built as a joke, then it got some momentum from some high-profile people like Elon Musk, Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it," according to the same CNBC report.

Dogecoins have no hard restriction on their total quantity, which sets them apart from some other popular cryptocurrencies.

Read Also: Ethereum Price Prediction: Experts See Massive Surge to $11000 as ETH Gets Stronger

Dogecoin Glitch

Binance announced the next day that an upgrade to the Dogecoin network on November 10 seemed to have caused difficulty with network withdrawals.

They explained that a "very small number of users" were compromised, and some of those previously denied Dogecoin withdrawal requests were reprocessed following the update.

In a tweet, Binance also appealed to its users to return the assets. 

 

Elon Musk's Barbs with Binance

In another news, Elon Musk said the issue "sounds shady" in a tweet Tuesday, prompting Binance, the world's largest crypto exchange, to answer, "no, not shady - just frustrating."

With that, Musk tweeted in return, "Doge holders using Binance should be protected from errors that are not their fault."

Binance said it is cooperating with the DOGE ecosystemo. However, it will take longer than usual because the exchange needs to rebuild the digital wallets that house the currencies.

On blockchain networks, technical issues are widespread.

Binance to Elon Musk

While the official Binance account remained silent, the company's CEO Changpeng "CZ" Zhao responded with a link to a report about Tesla recalling nearly 12,000 cars due to a software glitch.

The back-and-forth reflected the sometimes chaotic character of cryptocurrencies, particularly when it comes to market infrastructure that has had to develop quickly to keep up with demand. 

According to Bloomberg prices, the meme coin Dogecoin has risen by over 6,000% in the last year, fueled by frantic trading and wider cryptocurrency acceptance.

Tuesday's price was slightly different. 

Users are "rightly" outraged, according to Binance. Nevertheless, it's unclear how many of those individuals have returned the coins, or whether they have any motivation to do so.

 

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