Dogecoin — a meme-based cryptocurrency — might not be so good for the crypto token market, according to Ripple CEO Brad Garlinghouse.

Dogecoin is a cryptocurrency coin that earned a lot of its support through social media, relying on memes tied to the shiba inu dog (it later spawned a spin-off cryptocurrency based around the dog, called Shiba Inu coin).

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Garlinghouse, the CEO of global payment company Ripple, said the cryptocurrency market has boomed recently because of inflation, but he’s not sold on every coin.

  • “I’m actually not convinced, somewhat controversially I guess, that dogecoin is good for the crypto market,” Garlinghouse said at the Fintech Abu Dhabi event Tuesday, per CNBC.

Garlinghouse said Dogecoin relies too much on hype to prove successful.

  • “It was built as a joke, then it got some momentum from some high-profile people like Elon Musk,” Garlinghouse said. 
  • “Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” he added.

Johnny Lyu, the CEO of the world’s third-largest crypto exchange KuCoin, has made the case, though, that meme-based cryptocurrencies can be good long-term investments, as I wrote for the Deseret News.

 Lyu said that meme-based cryptocurrencies are sparked by young investors, which might be a way they’ll succeed in the long haul.

  • “Seeing bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well,” Lyu said, per MarketWatch. “But you’d need over $60,000 to buy one bitcoin. So they turn to Dogecoin and SHIB, where you buy tons using just $100.”
  • “These investors are very passionate about such tokens and are determined to push the prices higher,” Lyu said, according to MarketWatch.