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Ripple CEO Brad Garlinghouse: Dogecoin does not invite you to Hodl



Elon Musk and Changpeng Zhao discuss Binance issues regarding withdrawing Dogecoin on Twitter. At the same time, Dogecoin is becoming one of the most traded assets on the Ethereum chain.


Even if Floki and Shiba Inu are now attracting a lot of attention as Meme Coin competitors for Dogecoin, a lot is still happening with the most famous dog currency. For example, Dogecoin is among the top 10 actively used coins on the Ethereum chain - at least if we look at the metrics of smart contracts . In 7th place, DOGE competes with established projects such as the Binance Smart Chain.


The DOGE price formed its last all-time high on May 8, 2021 with a high of 0.731578 US dollars. The Dogecoin price is currently around the USD 0.2031 mark and is therefore far from the last all-time high.


Musk and CZ: Problems with Dogecoin withdrawals

On November 11th, the world's largest crypto exchange, Binance, decided to suspend Dogecoin withdrawals for 14 days.


“The cause is a technical problem during the recent upgrade process that resulted in old transactions being resent to 1,674 users. DOGE Network has supported us since the incident, but we have to completely rebuild the wallet, which leads to a delay that is expected to last about a week. It's a long and complex process, but the team is working hard on it. "



For Tesla CEO Elon Musk , the lack of DOGE withdrawals is " questionable ", as the entrepreneur emphasized on Twitter.


Ripple CEO Brad Garlinghouse doesn't think much of DOGE

Ripple Labs CEO Brad Garlinghouse also recently commented on Dogecoin in an interview with CNBC. Garlinghouse explains that he doesn't think of DOGE himself and that the coin’s inflationary dynamics are a big problem:


“I'm actually not convinced, I think, somewhat controversially, that Dogecoin is good for the crypto market. It was developed as a joke, then DOGE got some pep from some high profile guys like Elon Musk. Dogecoin has a certain inflationary dynamic that makes me hesitate to keep Doge. "


Furthermore, Garlinghouse also provides an explanation why the inflationary character of Dogecoin does not necessarily invite you to eat:


“We are experiencing inflation the likes of which we have not seen in decades. When people are concerned about holding a fiat currency that is bloating and depreciating, they think, 'How can I hold other assets that don't have the same inflationary dynamics?'


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