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Dogecoin Whales Accumulate Tokens as Ripple CEO Slams the Crypto

06 June 2024 09:28, UTC

When it comes to finding the right token to put money in, crypto investors tend to follow a few key market metrics. Some diligently look for the next big crypto presale to invest in. Others track which tokens are being widely used, whether that is within a gaming project or on an anonymous casino. Another key metric is the activity of crypto whales.

The philosophy is fairly simple; if whales are stocking up on a particular token, it could be an indicator of an income price rally. One of the latest of these comes from Dogecoin, the king of the meme coins.

Dogecoin Whales Make a Splash

As has been reported in the last week, Dogecoin whales have been buying up significant amounts of the token. According to Crypto analyst Ali Martinez, Dogecoin whales have bought up over $110 million worth of the coin in under 3 days.

Several other dog-themed meme coins have seen positive market movements in the last few months, including established ones like Shiba Inu and newer ones like Dogeverses. But Dogecoin, the original dog-themed token, has been back in the news thanks to positive price predictions from experts as well as the passing of the dog that inspired it.

But despite this support from its community and goodwill, not everyone is convinced of its merit. Notably, Brad Garlinghouse, the CEO of Ripple Labs, has taken public shots at Dogecoin during a recent appearance at a Consensus event.

More specifically, he spoke about the fact that, according to him, Dogecoin doesn’t have any use cases.

“I don’t think Dogecoin has been a good thing for the industry. And I’m not anti-Dogecoin, but it’s like...I don’t know what the use case is,” he said.

This is a common argument made against both Dogecoin and other tokens like it. Because they are based on internet memes and, unlike a token like Ether or XRP, are not based on very utility-driven blockchains, they tend to be dismissed.

Dogecoin has been traded speculatively over the years and used for things like domestic purchases and even a space mission by Space X. Still, most people would not compare it to a more ‘robust’ ecosystem like Ethereum or Ripple.

The Controversy Around Meme Coins

This is not the first time that Garlinghouse has come after the meme token and just like the previous instance, he saw a lot of backlash for his comments. One of the co-founders of Dogecoin responded to his comments and said that the token was hardly different from any other crypto besides being meme-inspired.

Despite the fact that Dogecoin is within the top 10 cryptos by market cap and has lasted years in the market, it still continues to draw mockery and criticism. This is exemplary of the struggles that meme tokens face even within the crypto community, having to prove themselves even more so than the average token.

Soon, however, we should see if Dogecoin goes into another bull run despite the naysayers.