Dogecoin news: Is it a good investment? Does it work long-term? – Deseret News

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).

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

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

Johnny Lyu, the CEO of the worlds 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 theyll succeed in the long haul.

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Dogecoin news: Is it a good investment? Does it work long-term? - Deseret News